Extra Space Storage (NYSE:EXR) Upgraded by Bank of America to “Neutral” Rating

Extra Space Storage (NYSE:EXR) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued on Tuesday,Benzinga reports. The firm presently has a $156.00 price target on the real estate investment trust’s stock, up from their previous price target of $147.00. Bank of America‘s price objective suggests a potential upside of 6.40% from the company’s current price.

Other analysts have also issued reports about the company. Barclays boosted their price objective on Extra Space Storage from $164.00 to $170.00 and gave the company an “overweight” rating in a research note on Thursday, March 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Extra Space Storage in a research note on Tuesday, April 21st. Wall Street Zen lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday. Scotiabank boosted their price objective on Extra Space Storage from $145.00 to $156.00 and gave the company a “sector perform” rating in a research note on Monday, March 2nd. Finally, Truist Financial decreased their price objective on Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research note on Wednesday, May 6th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $153.21.

Extra Space Storage Stock Down 2.6%

Shares of NYSE EXR opened at $146.62 on Tuesday. Extra Space Storage has a one year low of $125.71 and a one year high of $155.19. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.37 and a quick ratio of 0.37. The business’s fifty day moving average price is $142.54 and its 200-day moving average price is $139.63. The stock has a market capitalization of $30.97 billion, a PE ratio of 32.87, a P/E/G ratio of 4.89 and a beta of 1.20.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.87). Extra Space Storage had a net margin of 27.66% and a return on equity of 6.65%. The firm had revenue of $856.03 million for the quarter, compared to analysts’ expectations of $851.35 million. During the same period in the prior year, the company earned $2.00 EPS. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. On average, equities research analysts anticipate that Extra Space Storage will post 8.24 EPS for the current year.

Insider Activity

In related news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $150.00, for a total transaction of $495,000.00. Following the completion of the sale, the executive vice president directly owned 37,374 shares in the company, valued at $5,606,100. This represents a 8.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.96% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in EXR. Vanguard Group Inc. raised its stake in 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 last quarter. Cohen & Steers Inc. raised its stake in Extra Space Storage by 13.4% during the fourth quarter. Cohen & Steers Inc. now owns 15,979,424 shares of the real estate investment trust’s stock valued at $2,080,971,000 after buying an additional 1,888,763 shares during the last quarter. State Street Corp raised its stake in Extra Space Storage by 1.7% during the third quarter. State Street Corp now owns 13,910,878 shares of the real estate investment trust’s stock valued at $1,960,599,000 after buying an additional 230,697 shares during the last quarter. Norges Bank purchased a new position in Extra Space Storage during the fourth quarter valued at $1,219,606,000. Finally, Capital World Investors raised its stake in Extra Space Storage by 0.5% during the third quarter. Capital World Investors now owns 7,161,360 shares of the real estate investment trust’s stock valued at $1,009,371,000 after buying an additional 33,622 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

About Extra Space Storage

Extra Space Storage (NYSE: EXR) is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.