Fintel reports that on September 21, 2023, Morgan Stanley maintained coverage of Extra Space Storage (NYSE:EXR) with a Underweight recommendation.
Analyst Price Forecast Suggests 26.96% Upside
As of August 31, 2023, the average one-year price target for Extra Space Storage is 161.92. The forecasts range from a low of 136.35 to a high of $194.25. The average price target represents an increase of 26.96% from its latest reported closing price of 127.54.
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The projected annual revenue for Extra Space Storage is 1,866MM, a decrease of 9.67%. The projected annual non-GAAP EPS is 6.47.
Extra Space Storage Declares $0.61 Dividend
On August 18, 2023 the company declared a regular quarterly dividend of $0.61 per share ($2.44 annualized). Shareholders of record as of September 15, 2023 will receive the payment on September 29, 2023. Previously, the company paid $1.62 per share.
At the current share price of $127.54 / share, the stock's dividend yield is 1.91%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.39%, the lowest has been 2.25%, and the highest has been 5.12%. The standard deviation of yields is 0.59 (n=236).
The current dividend yield is 2.50 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 1.66. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.80%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1299 funds or institutions reporting positions in Extra Space Storage. This is a decrease of 89 owner(s) or 6.41% in the last quarter. Average portfolio weight of all funds dedicated to EXR is 0.33%, a decrease of 5.88%. Total shares owned by institutions increased in the last three months by 9.79% to 174,142K shares. 
The put/call ratio of EXR is 2.66, indicating a bearish outlook.
What are Other Shareholders Doing?
Capital World Investors holds 17,876K shares representing 8.46% ownership of the company. In it's prior filing, the firm reported owning 13,780K shares, representing an increase of 22.92%. The firm increased its portfolio allocation in EXR by 10.28% over the last quarter.
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 5,886K shares representing 2.79% ownership of the company. In it's prior filing, the firm reported owning 5,972K shares, representing a decrease of 1.47%. The firm increased its portfolio allocation in EXR by 5.20% over the last quarter.
AWSHX - WASHINGTON MUTUAL INVESTORS FUND holds 5,836K shares representing 2.76% ownership of the company. In it's prior filing, the firm reported owning 5,771K shares, representing an increase of 1.12%. The firm decreased its portfolio allocation in EXR by 2.20% over the last quarter.
Cohen & Steers holds 5,600K shares representing 2.65% ownership of the company. In it's prior filing, the firm reported owning 4,546K shares, representing an increase of 18.83%. The firm increased its portfolio allocation in EXR by 9.76% over the last quarter.
Principal Financial Group holds 5,327K shares representing 2.52% ownership of the company. In it's prior filing, the firm reported owning 5,160K shares, representing an increase of 3.13%. The firm decreased its portfolio allocation in EXR by 9.84% over the last quarter.
Extra Space Storage Background Information
(This description is provided by the company.)
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500. As of December 31, 2020, Extra Space owned and/or operated 1,921 self-storage properties, which comprise approximately 1.4 million units and approximately 149.2 million square feet of rentable storage space offering customers conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. Extra Space is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.
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