Extra Space Storage (NYSE:EXR) Lowered to Sell Rating by Wall Street Zen

Key Points

• Extra Space Storage's stock was downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, reflecting a shift in analyst sentiment towards the company.
• Despite the downgrade, Extra Space Storage had some price target increases, with Bank of America raising its target from $155.00 to $161.00 while maintaining a "neutral" rating.
• The company reported a revenue of $841.62 million and an EPS of $2.05 in its latest earnings, narrowly missing the consensus estimate, which reflects a 3.8% year-over-year increase but a slight decline in EPS compared to the previous year.

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

Several other equities analysts have also recently issued reports on the company. Bank of America raised their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. BNP Paribas Exane assumed coverage on Extra Space Storage in a report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 price target on the stock. Truist Financial decreased their price target on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a report on Tuesday, August 19th. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Finally, Benchmark decreased their price target on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Extra Space Storage currently has a consensus rating of "Hold" and a consensus target price of $153.33.

Extra Space Storage Price Performance

Shares of EXR stock opened at $143.73 on Monday. The stock's fifty day moving average is $144.67 and its 200-day moving average is $146.21. 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 stock has a market capitalization of $30.51 billion, a PE ratio of 31.18, a PEG ratio of 3.47 and a beta of 1.09. Extra Space Storage has a 52 week low of $121.03 and a 52 week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). The business had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.Extra Space Storage's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Equities research analysts expect 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 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 transaction, the chief executive officer owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.36% of the company's stock.

Hedge Funds Weigh In On Extra Space Storage

Hedge funds have recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. acquired a new stake in shares of Extra Space Storage during the second quarter worth about $7,377,000. CYBER HORNET ETFs LLC acquired a new stake in shares of Extra Space Storage during the second quarter worth about $82,000. FORA Capital LLC raised its position in shares of Extra Space Storage by 154.0% during the second quarter. FORA Capital LLC now owns 4,627 shares of the real estate investment trust's stock worth $682,000 after purchasing an additional 2,805 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of Extra Space Storage by 2.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 467,610 shares of the real estate investment trust's stock worth $69,006,000 after purchasing an additional 12,657 shares during the period. Finally, Adelante Capital Management LLC raised its position in shares of Extra Space Storage by 30.6% during the second quarter. Adelante Capital Management LLC now owns 243,070 shares of the real estate investment trust's stock worth $35,838,000 after purchasing an additional 57,020 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.

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