Extra Space Storage (NYSE:EXR) Given New $167.00 Price Target at Scotiabank

Extra Space Storage (NYSE:EXR) had its target price dropped by equities researchers at Scotiabank from $169.00 to $167.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “sector underperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective points to a potential downside of 2.73% from the company’s current price.

EXR has been the subject of several other research reports. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. KeyCorp upped their target price on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Barclays upped their target price on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 target price on shares of Extra Space Storage in a report on Monday, October 21st. Finally, Evercore ISI decreased their target price 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. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Extra Space Storage presently has an average rating of “Hold” and an average target price of $171.36.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $171.68 on Monday. 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 has a fifty-two week low of $125.82 and a fifty-two week high of $184.87. The stock has a 50 day moving average price of $170.15 and a two-hundred day moving average price of $164.03. The company has a market capitalization of $36.39 billion, a P/E ratio of 44.94, a PEG ratio of 8.47 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data 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). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same quarter in the previous year, the firm posted $2.02 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. Analysts expect that Extra Space Storage will post 8.09 earnings per share for the current year.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 23.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,228 shares of company stock valued at $3,023,957. Insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Gateway Investment Advisers LLC bought a new position in shares of Extra Space Storage during the second quarter valued at $16,026,000. MADDEN SECURITIES Corp bought a new position in shares of Extra Space Storage during the second quarter valued at $1,002,000. Tidal Investments LLC lifted its holdings in shares of Extra Space Storage by 262.5% during the first quarter. Tidal Investments LLC now owns 12,967 shares of the real estate investment trust’s stock valued at $1,906,000 after purchasing an additional 9,390 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Extra Space Storage by 53.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,738 shares of the real estate investment trust’s stock valued at $1,824,000 after purchasing an additional 4,102 shares in the last quarter. Finally, Czech National Bank lifted its holdings in shares of Extra Space Storage by 8.5% during the second quarter. Czech National Bank now owns 40,346 shares of the real estate investment trust’s stock valued at $6,270,000 after purchasing an additional 3,172 shares in the last quarter. 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.