Extra Space Storage (NYSE:EXR) Downgraded by Wall Street Zen to "Sell"

Key Points

• Extra Space Storage has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a negative outlook from analysts.
• The company missed analysts' consensus earnings estimates by a slight margin with an EPS of $2.05, while revenue surpassed expectations at $841.62 million.
• Market analysts show mixed ratings for EXR, with one "sell," eight "hold," and seven "buy" ratings, resulting in an average rating of "Hold" and a consensus target price of $155.85.

Extra Space Storage (NYSE:EXR - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

A number of other analysts have also commented on EXR. BNP Paribas Exane assumed coverage on Extra Space Storage in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target for the company. Wells Fargo & Company dropped their price target on Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. Barclays dropped their price target on Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Scotiabank raised their price objective on Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Finally, Benchmark lowered their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $155.85.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $137.01 on Friday. The stock has a fifty day moving average of $146.30 and a 200 day moving average of $147.31. Extra Space Storage has a 52 week low of $121.03 and a 52 week high of $184.87. The firm has a market capitalization of $29.08 billion, a price-to-earnings ratio of 29.72, a PEG ratio of 3.31 and a beta of 1.07. 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 (NYSE:EXR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The business had revenue of $841.62 million during the quarter, compared to analysts' expectations of $719.43 million. During the same period in the previous year, the business earned $2.06 EPS. The business's revenue was up 3.8% compared to the same quarter last year. As a group, research analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total value of $1,127,625.00. Following the completion of the transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. The trade was a 21.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

Several large investors have recently modified their holdings of the stock. Aptus Capital Advisors LLC lifted its holdings in Extra Space Storage by 4.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 68 shares in the last quarter. Siemens Fonds Invest GmbH lifted its holdings in Extra Space Storage by 3.0% in the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust's stock worth $342,000 after purchasing an additional 68 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in Extra Space Storage by 8.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock worth $139,000 after purchasing an additional 73 shares in the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its holdings in Extra Space Storage by 4.6% in the 2nd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,825 shares of the real estate investment trust's stock worth $269,000 after purchasing an additional 80 shares in the last quarter. Finally, Brown Advisory Inc. lifted its holdings in Extra Space Storage by 1.8% in the 2nd quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust's stock worth $653,000 after purchasing an additional 80 shares in the last quarter. Hedge funds and other 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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