Royal Bank of Canada Cuts Extra Space Storage (NYSE:EXR) Price Target to $160.00

Extra Space Storage (NYSE:EXR) had its target price reduced by analysts at Royal Bank of Canada from $163.00 to $160.00 in a report issued 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 objective points to a potential upside of 6.99% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Evercore ISI lifted their price objective on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research note on Thursday. Wells Fargo & Company cut their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Scotiabank raised shares of Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and lowered their target price for the company from $165.00 to $149.00 in a research note on Wednesday, April 9th. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Finally, Barclays lowered their price objective on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.42.

Extra Space Storage Stock Up 0.9 %

EXR stock opened at $149.55 on Thursday. The stock has a 50-day simple moving average of $144.35 and a two-hundred day simple moving average of $153.46. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87. The firm has a market capitalization of $31.74 billion, a PE ratio of 39.15, a PEG ratio of 7.76 and a beta of 0.96. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. During the same quarter in the prior year, the firm posted $1.96 EPS. Extra Space Storage’s revenue was up 2.6% on a year-over-year basis. On average, equities analysts predict that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the business’s 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 completion of the sale, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the transaction, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. This represents a 44.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock worth $1,392,315 in the last ninety days. 0.96% of the stock is owned by company insiders.

Institutional Trading of Extra Space Storage

Several large investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund lifted its holdings in Extra Space Storage by 0.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust’s stock worth $2,717,000 after buying 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 fourth 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 acquiring an additional 68 shares in the last quarter. Lindbrook Capital LLC increased its position in Extra Space Storage by 14.9% during 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 raised its holdings in Extra Space Storage by 4.3% in the 4th 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 in the last quarter. Finally, Siemens Fonds Invest GmbH lifted its position in shares of Extra Space Storage by 3.0% in the 4th 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.

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.