Evercore ISI Trims Extra Space Storage (NYSE:EXR) Target Price to $139.00

Extra Space Storage (NYSE:EXR) had its target price cut by Evercore ISI from $145.00 to $139.00 in a note issued to investors on Wednesday. Evercore ISI’s price target would indicate a potential downside of 2.02% from the stock’s previous close.

Several other equities analysts have also commented on the stock. Wells Fargo & Company increased their price target on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, March 2nd. Scotiabank assumed coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price target on the stock. TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. Finally, Raymond James restated an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $149.67.

Extra Space Storage Stock Up 1.5 %

NYSE:EXR traded up $2.08 during mid-day trading on Wednesday, hitting $141.87. The stock had a trading volume of 969,123 shares, compared to its average volume of 1,186,975. The stock has a 50-day simple moving average of $141.56 and a two-hundred day simple moving average of $138.70. The company has a market capitalization of $30.02 billion, a PE ratio of 31.60, a PEG ratio of 3.41 and a beta of 0.76. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $164.99. The company has a current ratio of 0.15, a quick ratio of 0.30 and a debt-to-equity ratio of 0.73.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.01). The company had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The business’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.09 earnings per share. On average, equities research analysts anticipate that Extra Space Storage will post 8.05 EPS for the current year.

Insider Activity at Extra Space Storage

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold a total of 3,532 shares of company stock worth $514,819 in the last three months. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Hedge funds and other institutional investors have recently bought and sold shares of the business. EdgeRock Capital LLC acquired a new stake in Extra Space Storage in the fourth quarter valued at $26,000. Creekmur Asset Management LLC acquired a new stake in Extra Space Storage in the fourth quarter valued at $26,000. Zions Bancorporation N.A. lifted its holdings in Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 150 shares during the period. Anchor Investment Management LLC acquired a new stake in Extra Space Storage in the fourth quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Extra Space Storage by 162.5% in the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 143 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.