Extra Space Storage (NYSE:EXR) Raised to Buy at Jefferies Financial Group

Extra Space Storage (NYSE:EXR) was upgraded by Jefferies Financial Group from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Marketbeat.com reports. The firm currently has a $204.00 price target on the real estate investment trust’s stock, up from their previous price target of $162.00. Jefferies Financial Group’s price objective suggests a potential upside of 13.28% from the stock’s current price.

Several other brokerages have also recently commented on EXR. Royal Bank of Canada began coverage on Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price on the stock. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $172.00 to $155.00 in a research report on Monday, August 5th. Raymond James lifted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Barclays lifted their price objective on Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $170.93.

Extra Space Storage Stock Down 0.9 %

Shares of NYSE:EXR opened at $180.09 on Wednesday. The business has a fifty day simple moving average of $169.66 and a 200 day simple moving average of $154.46. Extra Space Storage has a 12-month low of $101.19 and a 12-month high of $184.87. The firm has a market cap of $38.13 billion, a P/E ratio of 40.11, a P/E/G ratio of 2.56 and a beta of 0.86. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.76.

Insider Buying and Selling

In other Extra Space Storage news, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the transaction, the director now owns 404,306 shares in the company, valued at approximately $71,655,152.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares in the company, valued at approximately $4,835,260.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock worth $3,172,757 in the last quarter. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new position in shares of Extra Space Storage in the 4th quarter worth approximately $3,304,000. State of Tennessee Treasury Department increased its stake in shares of Extra Space Storage by 252.1% during the 4th quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock worth $18,409,000 after purchasing an additional 82,207 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Extra Space Storage by 19.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock valued at $36,307,000 after purchasing an additional 40,055 shares during the period. Norden Group LLC purchased a new stake in Extra Space Storage in the first quarter worth $1,947,000. Finally, Gateway Investment Advisers LLC purchased a new position in shares of Extra Space Storage during the 2nd quarter valued at $16,026,000. 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.