Extra Space Storage (NYSE:EXR) Stock Price Expected to Rise, UBS Group Analyst Says

Key Points

• UBS raised its price target on Extra Space Storage from $152 to $174 and maintained a Buy rating, implying 7.86% upside from the prior close.
• Shares rose 3.3% to $161.32 on Wednesday. Analysts overall gave the stock a “Moderate Buy” consensus, with an average price target of $156.75.
• Quarterly EPS of $1.17 missed the $2.10 consensus estimate, while revenue of $889.79 million topped expectations and increased 3.6% year over year.

Extra Space Storage (NYSE:EXR - Get Free Report) had its target price upped by stock analysts at UBS Group from $152.00 to $174.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the real estate investment trust's stock. UBS Group's target price would indicate a potential upside of 7.86% from the company's previous close.

Other equities research analysts have also issued reports about the stock. Evercore raised their price target on shares of Extra Space Storage from $142.00 to $146.00 in a report on Wednesday, October 28th. BNP Paribas Exane boosted their price objective on shares of Extra Space Storage from $156.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday, August 13th. Jefferies Financial Group decreased their price objective on shares of Extra Space Storage from $165.00 to $151.00 in a research report on Monday, October 12th. JPMorgan Chase & Co. decreased their price objective on shares of Extra Space Storage from $157.00 to $153.00 and set a "neutral" rating for the company in a research report on Monday, September 21st. Finally, Wall Street Zen upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Eight equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Extra Space Storage has an average rating of "Moderate Buy" and an average price target of $156.75.

Extra Space Storage Stock Up 3.3%

NYSE EXR traded up $5.09 on Wednesday, reaching $161.32. The company had a trading volume of 1,953,816 shares, compared to its average volume of 1,269,576. The firm has a market capitalization of $33.67 billion, a PE ratio of 32.79, a P/E/G ratio of 4.56 and a beta of 1.07. Extra Space Storage has a 1 year low of $125.71 and a 1 year high of $162.28. The firm has a 50-day moving average of $138.93 and a 200-day moving average of $142.49. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.25 and a quick ratio of 1.56.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.10 by ($0.93). Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The firm had revenue of $889.79 million for the quarter, compared to analysts' expectations of $886.61 million. During the same quarter in the prior year, the business earned $2.08 EPS. The company's revenue for the quarter was up 3.6% on a year-over-year basis. On average, equities research analysts anticipate that Extra Space Storage will post 8.46 EPS for the current fiscal year.

Institutional Trading of Extra Space Storage

A number of hedge funds have recently made changes to their positions in EXR. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Extra Space Storage in the second quarter worth about $5,535,000. Squarepoint Ops LLC boosted its stake in Extra Space Storage by 359.9% in the second quarter. Squarepoint Ops LLC now owns 25,949 shares of the real estate investment trust's stock valued at $3,770,000 after acquiring an additional 20,307 shares during the period. Osmosis Investment Management UK Ltd acquired a new position in Extra Space Storage in the second quarter valued at approximately $924,000. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Extra Space Storage during the second quarter valued at approximately $6,042,000. Finally, Legal & General Group Plc bought a new position in shares of Extra Space Storage during the second quarter valued at approximately $299,746,000. Institutional investors and hedge funds own 99.11% of the company's stock.

About Extra Space Storage

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.

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