Extra Space Storage (NYSE:EXR) Raised to “Hold” at StockNews.com

Extra Space Storage (NYSE:EXR) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Tuesday.

EXR has been the subject of a number of other research reports. Truist Financial increased their target price on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Barclays dropped their price objective on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Evercore ISI cut their target price on 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 issued a $175.00 price target on shares of Extra Space Storage in a research note on Monday, October 21st. Finally, Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 target price on the stock in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average price target of $171.25.

Extra Space Storage Stock Performance

Shares of NYSE EXR opened at $153.05 on Tuesday. 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 50 day simple moving average of $155.58 and a two-hundred day simple moving average of $164.81. Extra Space Storage has a 12 month low of $131.02 and a 12 month high of $184.87. The stock has a market cap of $32.44 billion, a price-to-earnings ratio of 40.07, a PEG ratio of 7.48 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.02 earnings per share. As a group, analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Insider Activity at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of the company’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. This represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Golden State Wealth Management LLC purchased a new position in shares of Extra Space Storage during the 4th quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Extra Space Storage in the 3rd quarter worth $33,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Extra Space Storage in the 3rd quarter valued at about $42,000. Quent Capital LLC lifted its position in Extra Space Storage by 89.0% during the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 154 shares in the last quarter. Finally, Continuum Advisory LLC boosted its position in Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 126 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

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.