Scotiabank Upgrades Extra Space Storage (NYSE:EXR) to “Sector Perform”

Extra Space Storage (NYSE:EXR) was upgraded by investment analysts at Scotiabank from a “sector underperform” rating to a “sector perform” rating in a research note issued to investors on Friday,Benzinga reports. The firm presently has a $167.00 price objective on the real estate investment trust’s stock. Scotiabank’s target price would suggest a potential upside of 13.01% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Truist Financial raised their target price on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price objective for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. 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. Finally, Barclays upped their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $173.08.

Extra Space Storage Stock Down 0.4 %

Shares of EXR stock opened at $147.77 on Friday. 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 twelve month low of $131.02 and a twelve month high of $184.87. The stock has a 50 day moving average of $159.07 and a 200 day moving average of $165.12. The stock has a market cap of $31.32 billion, a P/E ratio of 38.68, a P/E/G ratio of 7.96 and a beta of 0.89.

Extra Space Storage (NYSE:EXR) last posted 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). The firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.02 earnings per share. As a group, sell-side analysts expect that Extra Space Storage will post 8.1 EPS for the current year.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares of the company’s stock, 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 link. Also, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the sale, the director now owns 5,877 shares of the company’s stock, 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. Insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Several institutional investors have recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in Extra Space Storage in the third quarter worth approximately $33,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Extra Space Storage during the 3rd quarter worth $42,000. Continuum Advisory LLC increased its position in shares of Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 126 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Extra Space Storage in the 2nd quarter valued at about $80,000. Finally, Sunbelt Securities Inc. boosted its stake in Extra Space Storage by 441.2% during the second quarter. Sunbelt Securities Inc. now owns 617 shares of the real estate investment trust’s stock worth $96,000 after buying an additional 503 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.