Extra Space Storage (NYSE:EXR) Shares Climb 4.2% – Time to Buy?

Shares of Extra Space Storage Inc (NYSE:EXR) traded up 4.2% on Wednesday. The stock traded as high as $150.41 and last traded at $150.6910. Approximately 341,261 shares were traded during mid-day trading, a decline of 73% from the average session volume of 1,252,455 shares. The stock had previously closed at $144.55.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Mizuho dropped their price target on shares of Extra Space Storage from $155.00 to $152.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 2nd. BMO Capital Markets upgraded shares of Extra Space Storage from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $160.00 to $170.00 in a research report on Thursday, August 27th. Wall Street Zen raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Evercore set a $146.00 price objective on Extra Space Storage in a report on Monday, September 21st. Finally, JPMorgan Chase & Co. lowered their target price on Extra Space Storage from $157.00 to $153.00 and set a “neutral” rating for the company in a research note on Monday, September 21st. Eight equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $148.60.

Extra Space Storage Stock Up 3.4%

The firm has a market capitalization of $31.61 billion, a PE ratio of 17.15, a P/E/G ratio of 4.23 and a beta of 1.15. The company has a quick ratio of 1.56, a current ratio of 0.25 and a debt-to-equity ratio of 0.97. The stock has a 50-day simple moving average of $138.47 and a 200-day simple moving average of $142.30.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.93). Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The firm had revenue of $889.79 million for the quarter, compared to the consensus estimate of $886.61 million. During the same quarter in the prior year, the company earned $2.08 earnings per share. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. Analysts forecast that Extra Space Storage Inc will post 8.45 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, September 15th. Extra Space Storage’s dividend payout ratio is presently 143.05%.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds and other institutional investors have recently modified their holdings of EXR. Apollon Wealth Management LLC raised its position in shares of Extra Space Storage by 1.9% in the first quarter. Apollon Wealth Management LLC now owns 3,986 shares of the real estate investment trust’s stock valued at $523,000 after buying an additional 75 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Extra Space Storage by 4.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,960 shares of the real estate investment trust’s stock worth $285,000 after acquiring an additional 79 shares during the period. Raiffeisen Bank International AG raised its holdings in shares of Extra Space Storage by 82.4% in the 2nd quarter. Raiffeisen Bank International AG now owns 186 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 84 shares in the last quarter. Angeles Wealth Management LLC lifted its position in Extra Space Storage by 3.2% in the first quarter. Angeles Wealth Management LLC now owns 2,794 shares of the real estate investment trust’s stock valued at $366,000 after acquiring an additional 87 shares during the last quarter. Finally, IRON Financial LLC grew its stake in Extra Space Storage by 5.7% during the 3rd quarter. IRON Financial LLC now owns 1,731 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 94 shares during the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Company Profile

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.