Extra Space Storage (NYSE:EXR) Price Target Lowered to $139.00 at Evercore ISI

Extra Space Storage (NYSE:EXR) had its target price cut by equities research analysts at Evercore ISI from $145.00 to $139.00 in a report released on Wednesday. Evercore ISI’s price target points to a potential upside of 1.18% from the company’s current price.

Several other analysts have also recently commented on EXR. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Raymond James reiterated an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a report on Thursday, March 28th. Barclays assumed coverage on Extra Space Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 target price on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 target price on the stock. Finally, Wells Fargo & Company upped their target price on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $149.67.

Extra Space Storage Trading Up 2.3 %

Shares of NYSE:EXR traded up $3.10 during midday trading on Wednesday, hitting $137.38. 875,893 shares of the stock were exchanged, compared to its average volume of 1,170,331. The stock has a market capitalization of $29.07 billion, a price-to-earnings ratio of 27.77, a P/E/G ratio of 3.37 and a beta of 0.74. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30. The business’s 50-day moving average price is $141.64 and its 200 day moving average price is $138.54. Extra Space Storage has a 12 month low of $101.19 and a 12 month high of $164.99.

Extra Space Storage (NYSE:EXR) last released its quarterly 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 firm 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 for the quarter was up 57.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.09 earnings per share. Analysts predict that Extra Space Storage will post 8.05 earnings per share for the current year.

Insider Activity at Extra Space Storage

In related news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the transaction, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The disclosure for this sale can be found here. In the last three months, insiders sold 3,532 shares of company stock valued at $514,819. 1.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. EdgeRock Capital LLC bought a new position in Extra Space Storage in the 4th quarter valued at $26,000. Creekmur Asset Management LLC bought a new position in shares of Extra Space Storage during the 4th quarter worth $26,000. Zions Bancorporation N.A. grew its stake in shares of Extra Space Storage by 241.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 150 shares during the period. Anchor Investment Management LLC bought a new position in shares of Extra Space Storage during the 4th quarter worth $35,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Extra Space Storage by 162.5% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 143 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.