Extra Space Storage (NYSE:EXR) Stock Rating Upgraded by 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 research report issued on Friday, MarketBeat.com reports. The firm presently has a $167.00 price objective on the real estate investment trust’s stock. Scotiabank’s price target suggests a potential upside of 13.82% from the company’s current price.

EXR has been the subject of a number of other reports. Truist Financial boosted their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Evercore ISI reduced their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a research note on Monday, October 21st. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Finally, Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and boosted their target price for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Extra Space Storage has an average rating of “Hold” and a consensus target price of $171.92.

Extra Space Storage Trading Down 0.9 %

NYSE EXR opened at $146.72 on Friday. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The company has a 50-day simple moving average of $158.78 and a 200-day simple moving average of $165.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market capitalization of $31.10 billion, a PE ratio of 38.41, a price-to-earnings-growth ratio of 7.96 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS 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 business had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same period last year, the firm posted $2.02 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities analysts forecast that Extra Space Storage will post 8.1 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 16,690 shares in the company, valued at $2,470,286.90. The trade was a 31.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 5,877 shares in the company, valued at $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Large investors have recently made changes to their positions in the company. Graypoint LLC grew its position in 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 valued at $284,000 after purchasing an additional 65 shares in the last quarter. Hummer Financial Advisory Services Inc grew its position in Extra Space Storage by 1.2% during the third 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 in the last quarter. Buckley Wealth Management LLC grew its position in Extra Space Storage by 1.9% during the third 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 in the last quarter. Bleakley Financial Group LLC grew its position in Extra Space Storage by 4.1% during 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 in the last quarter. Finally, Aptus Capital Advisors LLC grew its position in Extra Space Storage by 5.5% during the third quarter. Aptus Capital Advisors LLC now owns 1,570 shares of the real estate investment trust’s stock valued at $283,000 after purchasing an additional 82 shares in the last quarter. Institutional investors and hedge funds 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.