Extra Space Storage (NYSE:EXR) Stock Rating Lowered by StockNews.com

Extra Space Storage (NYSE:EXR) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report released on Thursday.

Other research analysts have also recently issued research reports about the stock. Evercore ISI dropped their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. KeyCorp boosted their price target on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Barclays lifted their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, Truist Financial increased their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $171.07.

Extra Space Storage Price Performance

NYSE EXR opened at $161.13 on Thursday. The stock has a market capitalization of $34.15 billion, a price-to-earnings ratio of 42.18, a PEG ratio of 6.20 and a beta of 0.86. Extra Space Storage has a 1-year low of $104.72 and a 1-year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.20. The business’s fifty day moving average price is $173.78 and its 200-day moving average price is $160.37.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period in the previous year, the business posted $2.02 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts predict that Extra Space Storage will post 8.08 earnings per share for the current year.

Insider Activity

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the sale, the executive vice president now directly owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock worth $3,367,307 over the last 90 days. 1.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Extra Space Storage

Several large investors have recently made changes to their positions in EXR. Vanguard Group Inc. grew its holdings in shares of Extra Space Storage by 0.5% in the first quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after purchasing an additional 170,380 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Extra Space Storage by 4.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after buying an additional 157,763 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Extra Space Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock worth $485,973,000 after acquiring an additional 45,717 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Extra Space Storage by 7.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after acquiring an additional 198,888 shares during the period. Finally, Centersquare Investment Management LLC raised its stake in shares of Extra Space Storage by 1.3% in the first quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock valued at $341,941,000 after acquiring an additional 32,591 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.