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

Extra Space Storage (NYSE:EXR)‘s stock had its “outperform” rating reaffirmed by equities researchers at Raymond James in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a $160.00 price objective 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.

Other analysts have also issued reports about the company. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Wells Fargo & Company lowered their price target on Extra Space Storage from $155.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, March 4th. Deutsche Bank Aktiengesellschaft started coverage on Extra Space Storage in a research report on Tuesday, January 30th. They set a “hold” rating and a $141.00 price target on the stock. Morgan Stanley raised shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $115.00 to $150.00 in a research report on Thursday, December 21st. Finally, Barclays began coverage on shares of Extra Space Storage in a research report on Wednesday. They set an “overweight” rating and a $157.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $151.08.

Extra Space Storage Stock Up 4.5 %

Shares of Extra Space Storage stock opened at $146.75 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage has a 12 month low of $101.19 and a 12 month high of $165.85. The business has a fifty day simple moving average of $143.48 and a 200 day simple moving average of $135.40. The stock 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 posted its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). The business had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The business’s revenue was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.09 earnings per share. Research analysts predict that Extra Space Storage will post 8.04 EPS for the current year.

Insider Transactions at Extra Space Storage

In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold a total of 3,532 shares of company stock valued at $514,819 over the last three months. Corporate insiders own 1.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Extra Space Storage by 55.7% in the third quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after acquiring an additional 12,055,172 shares during the last quarter. State Street Corp boosted its stake in Extra Space Storage by 0.3% in the second quarter. State Street Corp now owns 9,421,581 shares of the real estate investment trust’s stock valued at $1,402,402,000 after acquiring an additional 23,698 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Extra Space Storage by 8.9% in the fourth quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock valued at $1,135,738,000 after acquiring an additional 577,918 shares during the last quarter. Norges Bank purchased a new stake in shares of Extra Space Storage during the 4th quarter valued at approximately $1,022,811,000. Finally, Cohen & Steers Inc. lifted its stake in shares of Extra Space Storage by 23.2% during the 2nd quarter. Cohen & Steers Inc. now owns 5,599,950 shares of the real estate investment trust’s stock valued at $833,528,000 after buying an additional 1,054,442 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Company Profile

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.