Extra Space Storage (NYSE:EXR) Price Target Cut to $184.00 by Analysts at Barclays

Extra Space Storage (NYSE:EXR) had its target price reduced by equities research analysts at Barclays from $192.00 to $184.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s price target points to a potential upside of 25.41% from the stock’s previous close.

A number of other analysts have also commented on the stock. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and lifted their target price for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Evercore ISI cut their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Truist Financial raised their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Finally, Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and a consensus price target of $171.25.

Extra Space Storage Trading Down 0.9 %

Shares of EXR opened at $146.72 on Monday. The stock’s fifty day simple moving average is $158.78 and its 200-day simple moving average is $165.14. 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 has a 12-month low of $131.02 and a 12-month high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last released its 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). 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 for the quarter, compared to analyst estimates of $826.93 million. During the same quarter in the previous year, the company posted $2.02 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, research analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Insider Activity

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total value 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC grew its stake in shares of Extra Space Storage by 34.4% during the 3rd quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock worth $2,278,000 after acquiring an additional 3,234 shares in the last quarter. Swedbank AB boosted its holdings in Extra Space Storage by 4.5% during the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock worth $43,810,000 after purchasing an additional 10,408 shares during the last quarter. Duff & Phelps Investment Management Co. grew its position in Extra Space Storage by 9.5% in the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock valued at $6,397,000 after purchasing an additional 3,093 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Extra Space Storage by 724.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after buying an additional 1,741,320 shares during the last quarter. Finally, Brown Financial Advisors lifted its position in Extra Space Storage by 69.1% during the 3rd quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock worth $1,646,000 after buying an additional 3,731 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.