Royal Bank of Canada Lowers Extra Space Storage (NYSE:EXR) Price Target to $163.00

Extra Space Storage (NYSE:EXR) had its price objective cut by equities researchers at Royal Bank of Canada from $167.00 to $163.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 6.04% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a report on Friday, January 10th. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Wells Fargo & Company lowered their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Barclays cut their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Finally, Truist Financial lifted their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Extra Space Storage presently has an average rating of “Hold” and a consensus price target of $171.55.

Extra Space Storage Stock Performance

Extra Space Storage stock traded down $0.19 during midday trading on Thursday, hitting $153.72. 427,787 shares of the company’s stock were exchanged, compared to its average volume of 1,255,731. The firm’s 50 day simple moving average is $151.94 and its 200 day simple moving average is $163.62. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87. 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 stock has a market cap of $32.59 billion, a price-to-earnings ratio of 40.19, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Equities research analysts predict that Extra Space Storage will post 8.1 EPS for the current year.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of Extra Space Storage by 1.7% during the third quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock valued at $2,412,894,000 after acquiring an additional 227,006 shares during the last quarter. Cohen & Steers Inc. boosted its stake in shares of Extra Space Storage by 5.9% during the 4th quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock worth $1,383,094,000 after purchasing an additional 516,941 shares during the last quarter. Norges Bank purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $938,647,000. Dimensional Fund Advisors LP raised its position in shares of Extra Space Storage by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock valued at $469,229,000 after buying an additional 24,533 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Extra Space Storage by 3.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust’s stock valued at $458,520,000 after buying an additional 104,986 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.