Scotiabank Issues Pessimistic Forecast for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its target price cut by research analysts at Scotiabank from $169.00 to $167.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “sector underperform” rating on the real estate investment trust’s stock. Scotiabank’s price target suggests a potential downside of 4.08% from the company’s previous close.

Several other research analysts have also recently issued reports on EXR. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Royal Bank of Canada began coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective for the company. Barclays boosted 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. KeyCorp raised their price target on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Finally, Evercore ISI reduced their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and a consensus target price of $171.36.

Extra Space Storage Trading Up 3.5 %

Shares of NYSE EXR traded up $5.96 during trading on Monday, hitting $174.10. 92,317 shares of the company were exchanged, compared to its average volume of 1,026,555. The firm has a market capitalization of $36.91 billion, a PE ratio of 45.58, a P/E/G ratio of 8.47 and a beta of 0.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a fifty day moving average price of $170.44 and a 200-day moving average price of $163.68. Extra Space Storage has a 12-month low of $125.82 and a 12-month high of $184.87.

Extra Space Storage (NYSE:EXR) last released its earnings results 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 firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. During the same period in the prior year, the firm earned $2.02 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts expect that Extra Space Storage will post 8.09 EPS for the current year.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the transaction, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at $2,089,758.27. This represents a 14.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction that occurred 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 owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,228 shares of company stock worth $3,374,617. Company insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of EXR. Janus Henderson Group PLC boosted its stake in Extra Space Storage by 2,244.2% during the 1st quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock valued at $87,824,000 after purchasing an additional 572,231 shares in the last quarter. California State Teachers Retirement System grew its stake in Extra Space Storage by 1.3% during the 1st quarter. California State Teachers Retirement System now owns 342,652 shares of the real estate investment trust’s stock valued at $50,370,000 after acquiring an additional 4,396 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Extra Space Storage by 262.5% during the 1st quarter. Tidal Investments LLC now owns 12,967 shares of the real estate investment trust’s stock valued at $1,906,000 after buying an additional 9,390 shares during the period. Beacon Capital Management LLC lifted its stake in Extra Space Storage by 69.3% in the first quarter. Beacon Capital Management LLC now owns 828 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 339 shares during the last quarter. Finally, Plato Investment Management Ltd increased its position in Extra Space Storage by 110.3% during the first quarter. Plato Investment Management Ltd now owns 1,182 shares of the real estate investment trust’s stock worth $174,000 after buying an additional 620 shares during the last quarter. 99.11% of the stock is currently 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.