Extra Space Storage (NYSE:EXR) Price Target Cut to $165.00 by Analysts at Scotiabank

Extra Space Storage (NYSE:EXR - Get Free Report) had its price target decreased by research analysts at Scotiabank from $167.00 to $165.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's target price would suggest a potential upside of 6.93% from the company's previous close.

Other equities analysts have also recently issued research reports about the stock. Barclays dropped their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. Wells Fargo & Company decreased their price target on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Royal Bank of Canada dropped their price objective on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a research note on Thursday, February 27th. Truist Financial increased their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a "hold" rating in a report on Thursday, December 5th. Finally, StockNews.com raised Extra Space Storage from a "sell" rating to a "hold" rating in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $171.36.

Extra Space Storage Stock Up 0.6 %

Extra Space Storage stock traded up $0.89 during midday trading on Wednesday, reaching $154.31. The stock had a trading volume of 140,656 shares, compared to its average volume of 1,323,696. The company has a fifty day moving average price of $152.47 and a two-hundred day moving average price of $163.25. The company has a market capitalization of $32.71 billion, a P/E ratio of 40.39, a PEG ratio of 7.76 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 has a 12 month low of $131.02 and a 12 month high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.93. The company had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. As a group, equities analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Insider Activity at Extra Space Storage

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 completion of the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $938,647,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Extra Space Storage by 724.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust's stock worth $357,100,000 after acquiring an additional 1,741,320 shares during the last quarter. Northern Trust Corp raised its stake in shares of Extra Space Storage by 48.7% during the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after acquiring an additional 941,212 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $107,453,000. Finally, Manning & Napier Advisors LLC grew its stake in shares of Extra Space Storage by 1,127.2% in the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock worth $116,985,000 after purchasing an additional 718,266 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

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.

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