Scotiabank Issues Pessimistic Forecast for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its price target decreased by equities research analysts at Scotiabank from $169.00 to $167.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “sector underperform” rating on the real estate investment trust’s stock. Scotiabank’s target price indicates a potential downside of 2.73% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and raised their price objective for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Royal Bank of Canada assumed coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 target price on the stock. Finally, Evercore ISI lowered their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $171.36.

Extra Space Storage Stock Performance

NYSE EXR opened at $171.68 on Monday. The company has a fifty day simple moving average of $170.15 and a 200 day simple moving average of $164.03. Extra Space Storage has a 12-month low of $125.82 and a 12-month high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market cap of $36.39 billion, a P/E ratio of 44.94, a PEG ratio of 8.47 and a beta of 0.87.

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 net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same quarter last year, the business posted $2.02 earnings per share. Extra Space Storage’s revenue was up 10.2% on a year-over-year basis. Sell-side analysts predict that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage 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 completion of the transaction, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. The trade was a 34.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 23.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,228 shares of company stock valued at $3,023,957. 1.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of EXR. Gateway Investment Advisers LLC bought a new stake in Extra Space Storage in the 2nd quarter worth approximately $16,026,000. MADDEN SECURITIES Corp bought a new stake in Extra Space Storage in the 2nd quarter worth approximately $1,002,000. Tidal Investments LLC lifted its position in Extra Space Storage by 262.5% in the 1st quarter. Tidal Investments LLC now owns 12,967 shares of the real estate investment trust’s stock worth $1,906,000 after buying an additional 9,390 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Extra Space Storage by 53.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,738 shares of the real estate investment trust’s stock worth $1,824,000 after buying an additional 4,102 shares during the last quarter. Finally, Czech National Bank lifted its position in Extra Space Storage by 8.5% in the 2nd quarter. Czech National Bank now owns 40,346 shares of the real estate investment trust’s stock worth $6,270,000 after buying an additional 3,172 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Company Profile

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.