Truist Financial Forecasts Strong Price Appreciation for Extra Space Storage (NYSE:EXR) Stock

Extra Space Storage (NYSE:EXR) had its target price lifted by stock analysts at Truist Financial from $167.00 to $168.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price target indicates a potential upside of 2.79% from the stock’s current price.

A number of other brokerages also recently weighed in on EXR. Barclays raised their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Evercore ISI reduced their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Royal Bank of Canada began coverage on Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price on the stock. Scotiabank reduced their price target on Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a report on Monday, November 25th. Finally, Wells Fargo & Company reiterated 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. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $171.43.

Extra Space Storage Stock Down 0.3 %

Shares of EXR traded down $0.56 on Thursday, reaching $163.44. The stock had a trading volume of 112,552 shares, compared to its average volume of 1,022,356. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87. The firm has a market capitalization of $34.65 billion, a price-to-earnings ratio of 42.79, a price-to-earnings-growth ratio of 8.33 and a beta of 0.89. The company has a 50-day simple moving average of $168.69 and a 200-day simple moving average of $164.73.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data 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). The firm had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.02 EPS. Sell-side analysts predict that Extra Space Storage will post 8.09 EPS for the current year.

Insider Buying and Selling at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the transaction, the director now owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares of the company’s stock, valued at $71,655,152.38. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,228 shares of company stock worth $3,023,957. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Cetera Advisors LLC purchased a new position in shares of Extra Space Storage during the 1st quarter valued at about $410,000. Park Avenue Securities LLC boosted its position in shares of Extra Space Storage by 2.1% in the second quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock worth $586,000 after purchasing an additional 79 shares during the period. CWM LLC increased its stake in shares of Extra Space Storage by 5.8% in the second quarter. CWM LLC now owns 3,765 shares of the real estate investment trust’s stock worth $585,000 after purchasing an additional 205 shares in the last quarter. Simplicity Wealth LLC increased its stake in shares of Extra Space Storage by 16.0% in the second quarter. Simplicity Wealth LLC now owns 1,896 shares of the real estate investment trust’s stock worth $295,000 after purchasing an additional 261 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC raised its position in shares of Extra Space Storage by 4.7% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 8,775 shares of the real estate investment trust’s stock valued at $1,364,000 after purchasing an additional 391 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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.