Barclays Issues Pessimistic Forecast for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR - Get Free Report) had its price objective dropped by Barclays from $192.00 to $184.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. Barclays's price objective would suggest a potential upside of 24.75% from the company's current price.

EXR has been the subject of several other reports. Truist Financial boosted their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. Wells Fargo & Company reiterated an "equal weight" rating and set a $175.00 target price on shares of Extra Space Storage in a research report on Monday, October 21st. Scotiabank upgraded Extra Space Storage from a "sector underperform" rating to a "sector perform" rating and set a $167.00 target price for the company in a research report on Friday. Evercore ISI lowered their price target on 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. Finally, Jefferies Financial Group raised Extra Space Storage from a "hold" rating to a "buy" rating and boosted their price target for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Extra Space Storage has a consensus rating of "Hold" and an average target price of $171.25.

Extra Space Storage Stock Up 0.5 %

Extra Space Storage stock traded up $0.71 during midday trading on Monday, reaching $147.50. The stock had a trading volume of 1,454,618 shares, compared to its average volume of 1,035,631. The firm's fifty day simple moving average is $158.78 and its 200-day simple moving average is $165.14. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87. The stock has a market capitalization of $31.27 billion, a P/E ratio of 38.61, a price-to-earnings-growth ratio of 7.96 and a beta of 0.91. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $2.02 EPS. As a group, analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Diane Olmstead sold 3,081 shares of the firm's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares of the company's stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction 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 directly owns 16,690 shares of the company's stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.36% of the company's stock.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds have recently added to or reduced their stakes in EXR. Graypoint LLC increased its holdings in Extra Space Storage by 4.3% during the 3rd quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust's stock valued at $284,000 after purchasing an additional 65 shares during the period. Hummer Financial Advisory Services Inc increased its holdings in Extra Space Storage by 1.2% during the 3rd quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust's stock valued at $1,067,000 after purchasing an additional 70 shares during the period. Buckley Wealth Management LLC grew its holdings in shares of Extra Space Storage by 1.9% during the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust's stock worth $687,000 after acquiring an additional 71 shares during the period. Bleakley Financial Group LLC grew its holdings in shares of Extra Space Storage by 4.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust's stock worth $356,000 after acquiring an additional 77 shares during the period. Finally, Aptus Capital Advisors LLC grew its holdings in shares of Extra Space Storage by 5.5% during the 3rd quarter. Aptus Capital Advisors LLC now owns 1,570 shares of the real estate investment trust's stock worth $283,000 after acquiring an additional 82 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.