Extra Space Storage (NYSE:EXR) Rating Increased to Sector Perform at Scotiabank

Extra Space Storage (NYSE:EXR) was upgraded by stock analysts at Scotiabank from a “sector underperform” rating to a “sector perform” rating in a report issued on Friday,Benzinga reports. The firm currently has a $167.00 target price on the real estate investment trust’s stock. Scotiabank’s price objective suggests a potential upside of 13.01% from the company’s previous close.

Several other brokerages also recently commented on EXR. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. Barclays lifted their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and raised their target price for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Finally, Evercore ISI reduced their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $173.08.

Extra Space Storage Stock Performance

Extra Space Storage stock opened at $147.77 on Friday. The company’s 50-day moving average price is $159.07 and its 200-day moving average price is $165.12. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market cap of $31.32 billion, a PE ratio of 38.68, a price-to-earnings-growth ratio of 7.96 and a beta of 0.89. Extra Space Storage has a twelve month low of $131.02 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same period in the previous year, the firm earned $2.02 earnings per share. The company’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts forecast that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at $967,119.12. This represents a 34.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by company insiders.

Institutional Trading of Extra Space Storage

Large investors have recently bought and sold shares of the stock. Graypoint LLC lifted its stake in shares of Extra Space Storage by 4.3% during the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after buying an additional 65 shares during the period. Hummer Financial Advisory Services Inc grew its stake in Extra Space Storage by 1.2% during the 3rd quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock valued at $1,067,000 after purchasing an additional 70 shares during the last quarter. Buckley Wealth Management LLC grew its stake in Extra Space Storage by 1.9% during the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock valued at $687,000 after purchasing an additional 71 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Extra Space Storage by 4.1% in the third quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock valued at $356,000 after purchasing an additional 77 shares during the period. Finally, Aptus Capital Advisors LLC raised its stake in shares of Extra Space Storage by 5.5% in the third quarter. Aptus Capital Advisors LLC now owns 1,570 shares of the real estate investment trust’s stock worth $283,000 after purchasing an additional 82 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.