Royal Bank Of Canada Issues Pessimistic Forecast for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its price objective dropped by Royal Bank Of Canada from $148.00 to $146.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 9.53% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. Evercore ISI restated a “cautious” rating on shares of Extra Space Storage in a research note on Monday, November 3rd. Wells Fargo & Company upgraded Extra Space Storage from an “equal weight” rating to an “overweight” rating and set a $160.00 target price on the stock in a report on Tuesday, August 26th. Wall Street Zen cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. Scotiabank decreased their price target on Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 28th. Finally, UBS Group lowered their price target on Extra Space Storage from $169.00 to $160.00 and set a “buy” rating on the stock in a research report on Tuesday, September 16th. Six investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Extra Space Storage currently has an average rating of “Hold” and an average target price of $148.36.

Extra Space Storage Price Performance

Shares of EXR opened at $133.30 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $175.57. The stock has a market capitalization of $28.29 billion, a P/E ratio of 29.75, a P/E/G ratio of 2.56 and a beta of 1.14. The company has a 50 day moving average of $142.90 and a 200-day moving average of $145.02.

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

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer owned 19,760 shares in the company, valued at $2,794,261.60. This represents a 27.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Extra Space Storage by 0.5% during the 3rd 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 purchasing an additional 161,171 shares during the last quarter. State Street Corp raised its position in shares of Extra Space Storage by 1.6% in 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 purchasing an additional 210,466 shares during the period. Norges Bank bought a new position in shares of Extra Space Storage in the second quarter valued at about $1,058,303,000. Principal Financial Group Inc. lifted its stake in shares of Extra Space Storage by 6.4% during the 3rd 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 during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Extra Space Storage by 1.8% during the 2nd quarter. Geode Capital Management LLC now owns 5,795,253 shares of the real estate investment trust’s stock worth $851,070,000 after buying an additional 100,637 shares during the period. 99.11% of the stock is currently 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.