Royal Bank of Canada Has Lowered Expectations for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR - Get Free Report) had its price target dropped by research analysts at Royal Bank of Canada from $167.00 to $163.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "sector perform" rating on the real estate investment trust's stock. Royal Bank of Canada's target price would indicate a potential upside of 5.83% from the stock's previous close.

A number of other analysts have also recently weighed in on the company. Truist Financial increased their price target on Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th. Wells Fargo & Company dropped their target price on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. StockNews.com upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Tuesday, January 28th. Scotiabank upgraded shares of Extra Space Storage from a "sector underperform" rating to a "sector perform" rating and set a $167.00 price target for the company in a research report on Friday, January 10th. Finally, Barclays cut their price objective 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $171.55.

Extra Space Storage Stock Performance

Shares of EXR stock traded up $1.46 on Thursday, hitting $154.02. 2,069,371 shares of the stock traded hands, compared to its average volume of 1,357,272. The company's fifty day moving average is $152.27 and its 200 day moving average is $163.43. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87. The company has a market capitalization of $32.65 billion, a PE ratio of 40.32, a PEG ratio of 7.76 and a beta of 0.91. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

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. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $821.90 million for the quarter, compared to analysts' expectations of $707.34 million. On average, equities research analysts predict that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insider Activity

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.36% of the company's stock.

Hedge Funds Weigh In On Extra Space Storage

Several hedge funds have recently modified their holdings of EXR. Graypoint LLC boosted its stake in Extra Space Storage by 4.3% during the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust's stock valued at $284,000 after buying an additional 65 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in Extra Space Storage by 0.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust's stock valued at $2,717,000 after acquiring an additional 66 shares during the last quarter. Wedge Capital Management L L P NC boosted its position in shares of Extra Space Storage by 1.3% during the 4th quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust's stock valued at $769,000 after purchasing an additional 68 shares in the last quarter. Lindbrook Capital LLC grew its stake in shares of Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust's stock worth $78,000 after purchasing an additional 68 shares during the last quarter. Finally, Aptus Capital Advisors LLC raised its holdings in shares of Extra Space Storage by 4.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 68 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.