Extra Space Storage (NYSE:EXR) Upgraded by StockNews.com to “Hold” Rating

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

EXR has been the subject of a number of other research reports. Barclays reduced their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial boosted their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Evercore ISI cut their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a 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, Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $171.25.

Extra Space Storage Stock Down 0.6 %

Shares of NYSE EXR traded down $0.98 during midday trading on Tuesday, reaching $155.02. The company’s stock had a trading volume of 1,136,399 shares, compared to its average volume of 1,282,076. Extra Space Storage has a fifty-two week low of $131.02 and a fifty-two week high of $184.87. The stock has a 50 day simple moving average of $155.79 and a 200-day simple moving average of $164.86. The stock has a market capitalization of $32.86 billion, a price-to-earnings ratio of 40.58, a PEG ratio of 7.48 and a beta of 0.91. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results 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). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. During the same period last year, the firm earned $2.02 earnings per share. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities research analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were 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 in the company, valued at approximately $967,119.12. This represents a 34.39 % 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 company insiders.

Institutional Trading of Extra Space Storage

Large investors have recently modified their holdings of the business. Golden State Wealth Management LLC purchased a new position in Extra Space Storage in the 4th quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Extra Space Storage during the 3rd quarter valued at about $33,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Extra Space Storage during the third quarter valued at about $42,000. Continuum Advisory LLC raised its stake in Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 126 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its holdings in 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 period. 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.