JPMorgan Chase & Co. Cuts Extra Space Storage (NYSE:EXR) Price Target to $153.00

Extra Space Storage (NYSE:EXR) had its price objective cut by JPMorgan Chase & Co. from $157.00 to $153.00 in a research note published on Monday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the company. The Goldman Sachs Group restated a “neutral” rating and set a $160.00 target price on shares of Extra Space Storage in a report on Thursday, July 30th. Wells Fargo & Company dropped their price objective on Extra Space Storage from $158.00 to $157.00 and set an “overweight” rating for the company in a research note on Tuesday, September 1st. Weiss Ratings upgraded shares of Extra Space Storage from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 7th. Scotiabank lifted their target price on shares of Extra Space Storage from $157.00 to $158.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 18th. Finally, Barclays upped their price target on shares of Extra Space Storage from $170.00 to $172.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Seven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Extra Space Storage currently has an average rating of “Hold” and an average target price of $149.47.

Extra Space Storage Stock Down 0.8%

Shares of NYSE EXR opened at $133.97 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market capitalization of $28.30 billion, a PE ratio of 29.57, a P/E/G ratio of 3.86 and a beta of 1.16. Extra Space Storage has a one year low of $125.71 and a one year high of $158.88. The business’s fifty day moving average price is $144.17 and its 200-day moving average price is $142.75.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $874.15 million for the quarter, compared to analysts’ expectations of $874.99 million. Extra Space Storage had a return on equity of 6.70% and a net margin of 27.80%.The company’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 earnings per share. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. On average, equities research analysts anticipate that Extra Space Storage will post 8.36 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Tuesday, September 15th. Extra Space Storage’s dividend payout ratio is 143.05%.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EXR. BlackRock Inc. bought a new stake in shares of Extra Space Storage during the second quarter valued at approximately $3,334,263,000. Cohen & Steers Inc. lifted its position in shares of Extra Space Storage by 13.4% in the fourth quarter. Cohen & Steers Inc. now owns 15,979,424 shares of the real estate investment trust’s stock worth $2,080,971,000 after buying an additional 1,888,763 shares in the last quarter. Norges Bank bought a new position in Extra Space Storage during the fourth quarter valued at approximately $1,219,606,000. Capital International Investors grew its holdings in Extra Space Storage by 73.9% during the 4th quarter. Capital International Investors now owns 6,256,687 shares of the real estate investment trust’s stock valued at $814,746,000 after buying an additional 2,658,947 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Extra Space Storage by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 5,945,315 shares of the real estate investment trust’s stock valued at $771,397,000 after buying an additional 56,118 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

About Extra Space Storage

Extra Space Storage Inc is a real estate investment trust (REIT) that owns, operates, manages and acquires self-storage facilities. Its properties provide individuals and businesses with rental storage units in a range of sizes, along with vehicle, boat and recreational vehicle storage at select locations.

The company also provides third-party management services for self-storage properties owned by other investors and operators. Its services generally include facility operations, marketing, customer support, revenue management and technology solutions.