Extra Space Storage (NYSE:EXR) Price Target Lowered to $146.00 at Royal Bank Of Canada

Extra Space Storage (NYSE:EXR) had its target price lowered by equities research analysts at Royal Bank Of Canada from $148.00 to $146.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 9.53% from the company’s previous close.

A number of other equities research analysts have also weighed in on EXR. Wall Street Zen lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. UBS Group cut their price target on shares of Extra Space Storage from $169.00 to $160.00 and set a “buy” rating on the stock in a report on Tuesday, September 16th. Weiss Ratings restated a “hold (c)” rating on shares of Extra Space Storage in a report on Wednesday, October 8th. Evercore ISI reaffirmed a “cautious” rating on shares of Extra Space Storage in a research report on Monday. Finally, Wells Fargo & Company upgraded shares of Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 price objective for the company in a research report on Tuesday, August 26th. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average target price of $148.36.

Extra Space Storage Price Performance

EXR traded up $2.24 on Friday, reaching $133.30. The stock had a trading volume of 488,621 shares, compared to its average volume of 1,164,749. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $28.29 billion, a price-to-earnings ratio of 29.75, a price-to-earnings-growth ratio of 2.56 and a beta of 1.14. Extra Space Storage has a fifty-two week low of $121.03 and a fifty-two week high of $175.57. The firm has a 50-day moving average of $143.11 and a 200-day moving average of $145.03.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.02. Extra Space Storage had a return on equity of 6.53% and a net margin of 28.40%.The company had revenue of $838.53 million for the quarter, compared to analysts’ expectations of $736.26 million. During the same period in the previous year, the business posted $2.07 earnings per share. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. As a group, sell-side analysts anticipate that Extra Space Storage will post 8.1 EPS for the current year.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total value of $1,060,575.00. Following the completion of the sale, the chief executive officer directly owned 19,760 shares of the company’s stock, valued at approximately $2,794,261.60. This represents a 27.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Extra Space Storage by 0.5% during the third quarter. Vanguard Group Inc. now owns 34,430,823 shares of the real estate investment trust’s stock valued at $4,852,680,000 after buying an additional 161,171 shares during the period. State Street Corp grew its stake in Extra Space Storage by 1.6% during the second quarter. State Street Corp now owns 13,680,181 shares of the real estate investment trust’s stock valued at $2,017,006,000 after acquiring an additional 210,466 shares in the last quarter. Norges Bank bought a new stake in Extra Space Storage during the 2nd quarter worth approximately $1,058,303,000. Principal Financial Group Inc. grew its position in Extra Space Storage by 6.4% during the third quarter. Principal Financial Group Inc. now owns 6,715,901 shares of the real estate investment trust’s stock worth $946,540,000 after buying an additional 406,146 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Extra Space Storage by 1.8% during the second quarter. Geode Capital Management LLC now owns 5,795,253 shares of the real estate investment trust’s stock worth $851,070,000 after purchasing an additional 100,637 shares in 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.