Extra Space Storage (NYSE:EXR) Rating Increased to Hold at StockNews.com

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

EXR has been the subject of several other research reports. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Truist Financial increased their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Evercore ISI cut 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 report on Monday, October 14th. Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a research report on Friday, January 10th. Finally, Barclays cut 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 research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $171.25.

Extra Space Storage Stock Performance

NYSE EXR traded down $0.98 during trading hours on Tuesday, hitting $155.02. The company’s stock had a trading volume of 1,136,399 shares, compared to its average volume of 1,282,076. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The company has a market cap of $32.86 billion, a P/E ratio of 40.58, a price-to-earnings-growth ratio of 7.48 and a beta of 0.91. The company’s 50 day simple moving average is $155.79 and its two-hundred day simple moving average is $164.86. Extra Space Storage has a 12 month low of $131.02 and a 12 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 analysts’ consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the company earned $2.02 EPS. As a group, sell-side analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Insider Buying and Selling at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the firm’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 sale, the director now owns 5,877 shares of the company’s stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The sale 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 the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the transaction, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This 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 corporate insiders.

Institutional Trading of Extra Space Storage

Several hedge funds and other institutional investors have recently made changes to their positions in EXR. Squarepoint Ops LLC raised its stake in Extra Space Storage by 382.2% in the second quarter. Squarepoint Ops LLC now owns 27,630 shares of the real estate investment trust’s stock valued at $4,294,000 after buying an additional 21,900 shares during the last quarter. Scientech Research LLC purchased a new stake in Extra Space Storage during the 2nd quarter worth approximately $275,000. Creative Planning increased its stake in Extra Space Storage by 1.1% during the 2nd quarter. Creative Planning now owns 27,855 shares of the real estate investment trust’s stock valued at $4,329,000 after purchasing an additional 292 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in shares of Extra Space Storage by 441.2% in the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock worth $96,000 after buying an additional 503 shares during the last quarter. Finally, Quarry LP grew its holdings in shares of Extra Space Storage by 1,480.0% during the second quarter. Quarry LP now owns 869 shares of the real estate investment trust’s stock valued at $135,000 after buying an additional 814 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.