Fintel reports that on December 21, 2023, Morgan Stanley upgraded their outlook for Extra Space Storage (NYSE:EXR) from Underweight to Equal-Weight .

Analyst Price Forecast Suggests 5.80% Downside

As of December 16, 2023, the average one-year price target for Extra Space Storage is 147.10. The forecasts range from a low of 116.15 to a high of $180.60. The average price target represents a decrease of 5.80% from its latest reported closing price of 156.16.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Extra Space Storage is 1,866MM, a decrease of 19.53%. The projected annual non-GAAP EPS is 6.47.

Extra Space Storage Declares $1.62 Dividend

On November 15, 2023 the company declared a regular quarterly dividend of $1.62 per share ($6.48 annualized). Shareholders of record as of December 15, 2023 will receive the payment on December 29, 2023. Previously, the company paid $0.61 per share.

At the current share price of $156.16 / share, the stock's dividend yield is 4.15%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.48%, the lowest has been 2.25%, and the highest has been 6.23%. The standard deviation of yields is 0.75 (n=236).

The current dividend yield is 0.90 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 1.73. 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 1478 funds or institutions reporting positions in Extra Space Storage. This is an increase of 179 owner(s) or 13.78% in the last quarter. Average portfolio weight of all funds dedicated to EXR is 0.39%, an increase of 18.02%. Total shares owned by institutions increased in the last three months by 43.62% to 250,099K shares. The put/call ratio of EXR is 0.30, indicating a bullish outlook.

What are Other Shareholders Doing?

Capital World Investors holds 21,477K shares representing 10.17% ownership of the company. In it's prior filing, the firm reported owning 17,876K shares, representing an increase of 16.77%. The firm increased its portfolio allocation in EXR by 1.07% over the last quarter.

Cohen & Steers holds 10,383K shares representing 4.91% ownership of the company. In it's prior filing, the firm reported owning 5,600K shares, representing an increase of 46.06%. The firm increased its portfolio allocation in EXR by 65.26% over the last quarter.

VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 8,898K shares representing 4.21% ownership of the company. In it's prior filing, the firm reported owning 5,886K shares, representing an increase of 33.85%. The firm increased its portfolio allocation in EXR by 35.80% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,569K shares representing 3.11% ownership of the company. In it's prior filing, the firm reported owning 4,218K shares, representing an increase of 35.79%. The firm increased its portfolio allocation in EXR by 32.03% over the last quarter.

Principal Financial Group holds 6,506K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 5,327K shares, representing an increase of 18.12%. The firm decreased its portfolio allocation in EXR by 41.66% 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.