Extra Space Storage (NYSE:EXR) Upgraded to Sector Outperform at Scotiabank

Extra Space Storage (NYSE:EXR) was upgraded by equities researchers at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm presently has a $149.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $165.00. Scotiabank’s price objective points to a potential upside of 13.27% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Barclays decreased their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. The Goldman Sachs Group reiterated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Royal Bank of Canada decreased their price objective on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Finally, Wells Fargo & Company dropped their target price on 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. Two analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage has an average rating of “Hold” and a consensus price target of $167.25.

Extra Space Storage Trading Down 3.1 %

EXR opened at $131.55 on Wednesday. The stock has a market capitalization of $27.92 billion, a P/E ratio of 34.44, a P/E/G ratio of 7.76 and a beta of 0.96. 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 12 month low of $121.03 and a 12 month high of $184.87. The firm’s fifty day simple moving average is $148.99 and its 200 day simple moving average is $156.95.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93. The company 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%. As a group, research analysts anticipate that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Insider Activity at Extra Space Storage

In other news, Director Joseph J. Bonner sold 672 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the sale, the director now owns 4,557 shares in the company, valued at $679,448.70. The trade was a 12.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. This trade represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,392 shares of company stock worth $1,392,315. Company insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its position in shares of Extra Space Storage by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust’s stock valued at $2,717,000 after acquiring an additional 66 shares during the period. Wedge Capital Management L L P NC boosted its holdings in Extra Space Storage by 1.3% in the 4th quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust’s stock valued at $769,000 after purchasing an additional 68 shares during the period. Lindbrook Capital LLC boosted its holdings in Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock valued at $78,000 after purchasing an additional 68 shares during the period. Aptus Capital Advisors LLC increased its holdings in shares of Extra Space Storage by 4.3% during the fourth quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 68 shares during the period. Finally, Siemens Fonds Invest GmbH increased its holdings in shares of Extra Space Storage by 3.0% during the fourth quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust’s stock worth $342,000 after purchasing an additional 68 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

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.