Extra Space Storage (NYSE:EXR) Rating Reiterated by Wells Fargo & Company

Extra Space Storage (NYSE:EXR)‘s stock had its “equal weight” rating restated by stock analysts at Wells Fargo & Company in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $175.00 price objective on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 2.17% from the company’s previous close.

Several other equities research analysts have also issued reports on EXR. Royal Bank of Canada started coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective for the company. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Bank of America lowered shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, KeyCorp lifted their price objective on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a report on Monday, September 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $170.80.

Extra Space Storage Stock Performance

NYSE EXR opened at $171.28 on Monday. The company’s 50 day simple moving average is $174.47 and its two-hundred day simple moving average is $159.10. The stock has a market capitalization of $36.26 billion, a PE ratio of 38.15, a P/E/G ratio of 6.47 and a beta of 0.86. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $184.87.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Extra Space Storage

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 170,380 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Extra Space Storage by 4.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock worth $551,586,000 after buying an additional 157,763 shares during the period. Dimensional Fund Advisors LP boosted its position in Extra Space Storage by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after acquiring an additional 45,717 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Extra Space Storage by 7.2% during the 2nd 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 grew its holdings in shares of Extra Space Storage by 1.3% during the 1st quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock worth $341,941,000 after acquiring an additional 32,591 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

About Extra Space Storage

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.