Evercore ISI Forecasts Strong Price Appreciation for Extra Space Storage (NYSE:EXR) Stock

Key Points

• Evercore ISI has raised its price target for Extra Space Storage (NYSE:EXR) from $146.00 to $147.00, indicating a potential upside of 1.38% from the stock's previous close.
• Extra Space Storage has recently seen multiple rating changes, with analysts maintaining a consensus rating of "Hold" and a consensus price target of $151.64.
• The company reported $2.05 earnings per share for its last quarter, missing expectations slightly, but generated revenue of $841.62 million, exceeding analysts' forecasts.

Extra Space Storage (NYSE:EXR - Get Free Report) had its price objective increased by research analysts at Evercore ISI from $146.00 to $147.00 in a report issued on Monday,Benzinga reports. The firm presently has an "in-line" rating on the real estate investment trust's stock. Evercore ISI's price target would indicate a potential upside of 1.38% from the stock's previous close.

A number of other equities research analysts also recently commented on the stock. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a report on Tuesday, September 9th. BNP Paribas Exane started coverage on shares of Extra Space Storage in a report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 price target for the company. Truist Financial lowered their price target on shares of Extra Space Storage from $158.00 to $150.00 and set a "hold" rating for the company in a report on Tuesday, August 19th. Mizuho boosted their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Finally, Wells Fargo & Company upgraded shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 target price for the company in a report on Tuesday, August 26th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, Extra Space Storage presently has a consensus rating of "Hold" and a consensus price target of $151.64.

Extra Space Storage Price Performance

NYSE:EXR traded down $0.54 during mid-day trading on Monday, hitting $145.00. 72,414 shares of the company's stock traded hands, compared to its average volume of 1,178,179. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. The firm's 50 day simple moving average is $143.90 and its 200 day simple moving average is $145.47. Extra Space Storage has a 1 year low of $121.03 and a 1 year high of $184.87. The company has a market cap of $30.78 billion, a PE ratio of 31.43, a price-to-earnings-growth ratio of 3.56 and a beta of 1.09.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. During the same quarter last year, the business posted $2.06 earnings per share. The business's revenue was up 3.8% compared to the same quarter last year. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Sell-side analysts expect that Extra Space Storage will post 8.1 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the transaction, the chief executive officer owned 27,260 shares in the company, valued at approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors have recently modified their holdings of the company. GKV Capital Management Co. Inc. acquired a new stake in Extra Space Storage in the first quarter worth about $29,000. Chung Wu Investment Group LLC acquired a new stake in Extra Space Storage in the second quarter worth about $29,000. Elevation Point Wealth Partners LLC acquired a new stake in Extra Space Storage in the second quarter worth about $37,000. MTM Investment Management LLC acquired a new stake in Extra Space Storage in the second quarter worth about $38,000. Finally, Zions Bancorporation National Association UT acquired a new stake in Extra Space Storage in the first quarter worth about $50,000. Institutional investors own 99.11% of the company's stock.

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.

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