Extra Space Storage (NYSE:EXR) Rating Reiterated by Raymond James

Extra Space Storage (NYSE:EXR)‘s stock had its “outperform” rating restated by equities researchers at Raymond James in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They currently have a $160.00 price target on the real estate investment trust’s stock. Raymond James’ price objective points to a potential upside of 9.03% from the stock’s previous close.

Several other research analysts have also commented on EXR. Truist Financial lifted their target price on Extra Space Storage from $138.00 to $152.00 and gave the stock a “hold” rating in a research report on Thursday, December 28th. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Wells Fargo & Company cut their price target on Extra Space Storage from $155.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, March 4th. The Goldman Sachs Group raised their price target on Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $151.08.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $146.75 on Thursday. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $165.85. The business has a 50 day moving average price of $143.48 and a two-hundred day moving average price of $135.40. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. The firm has a market cap of $31.05 billion, a PE ratio of 29.71, a price-to-earnings-growth ratio of 3.45 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The business had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. Extra Space Storage’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.09 EPS. Sell-side analysts expect that Extra Space Storage will post 8.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock worth $514,819 in the last three months. 1.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Nomura Holdings Inc. acquired a new position in shares of Extra Space Storage during the 4th quarter worth about $6,010,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in Extra Space Storage by 800,980.0% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 40,054 shares of the real estate investment trust’s stock worth $6,422,000 after acquiring an additional 40,049 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Extra Space Storage by 25.8% during the 4th quarter. Wellington Management Group LLP now owns 2,199,347 shares of the real estate investment trust’s stock worth $352,621,000 after buying an additional 451,242 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in Extra Space Storage by 4.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 81,990 shares of the real estate investment trust’s stock worth $13,145,000 after buying an additional 3,354 shares in the last quarter. Finally, Creekmur Asset Management LLC acquired a new position in shares of Extra Space Storage in the 4th quarter valued at $26,000. 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.