Extra Space Storage (NYSE:EXR) Price Target Raised to $158.00 at Barclays

Extra Space Storage (NYSE:EXR) had its price objective lifted by Barclays from $157.00 to $158.00 in a research report released on Monday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

EXR has been the topic of a number of other research reports. Wells Fargo & Company boosted their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an overweight rating in a research note on Friday, April 5th. Evercore ISI decreased their target price on shares of Extra Space Storage from $145.00 to $139.00 in a research note on Wednesday, May 1st. StockNews.com cut shares of Extra Space Storage from a hold rating to a sell rating in a research note on Saturday, March 2nd. Raymond James reaffirmed an outperform rating and set a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Extra Space Storage in a research note on Tuesday, January 30th. They set a hold rating and a $141.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $149.75.

Extra Space Storage Stock Down 2.6 %

Shares of EXR opened at $142.63 on Monday. Extra Space Storage has a one year low of $101.19 and a one year high of $164.99. The company has a market cap of $30.20 billion, a P/E ratio of 31.77, a P/E/G ratio of 3.50 and a beta of 0.76. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15. The firm has a 50 day simple moving average of $142.23 and a two-hundred day simple moving average of $142.52.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The firm had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. During the same quarter in the prior year, the firm earned $2.09 earnings per share. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. Research analysts forecast that Extra Space Storage will post 8.05 EPS for the current fiscal year.

Insider Activity

In related news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at approximately $5,369,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $13,785,693.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,532 shares of company stock worth $514,819. Company insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EXR. Vanguard Group Inc. grew its position in shares of Extra Space Storage by 55.7% during the 3rd 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 period. Norges Bank bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $1,022,811,000. JPMorgan Chase & Co. grew its position in shares of Extra Space Storage by 599.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after acquiring an additional 2,867,657 shares during the period. First Eagle Investment Management LLC boosted its holdings in Extra Space Storage by 233,362.8% in the 3rd quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock worth $160,940,000 after buying an additional 1,323,167 shares during the period. Finally, Northern Trust Corp boosted its holdings in Extra Space Storage by 59.3% in the 3rd quarter. Northern Trust Corp now owns 2,724,282 shares of the real estate investment trust’s stock worth $331,218,000 after buying an additional 1,014,041 shares during the period. 99.11% of the stock is owned by 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.