Extra Space Storage (NYSE:EXR) Now Covered by Analysts at BNP Paribas Exane

BNP Paribas Exane initiated coverage on shares of Extra Space Storage (NYSE:EXR - Get Free Report) in a report issued on Tuesday. The firm set a "neutral" rating and a $156.00 price target on the real estate investment trust's stock. BNP Paribas Exane's target price would indicate a potential upside of 4.59% from the stock's current price.

Several other analysts also recently commented on EXR. Scotiabank raised their price objective on shares of 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. Barclays cut their price target on Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Benchmark lowered their price objective on Extra Space Storage from $61.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. JPMorgan Chase & Co. increased their target price on Extra Space Storage from $160.00 to $162.00 and gave the stock a "neutral" rating in a research report on Friday, June 13th. Finally, Royal Bank Of Canada decreased their target price on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 1st. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $159.29.

Extra Space Storage Stock Performance

NYSE:EXR opened at $149.16 on Tuesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.33. The stock has a 50-day simple moving average of $146.94 and a two-hundred day simple moving average of $148.78. The firm has a market capitalization of $31.65 billion, a PE ratio of 34.61, a P/E/G ratio of 3.55 and a beta of 1.11. 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 posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.96 by $0.04. The firm had revenue of $820.00 million for the quarter, compared to analysts' expectations of $705.12 million. Extra Space Storage had a return on equity of 6.11% and a net margin of 27.84%. The business's quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.96 EPS. Analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the transaction, the chief executive officer now owns 9,190 shares of the company's stock, valued at approximately $1,355,065.50. This trade represents a 44.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.36% of the company's stock.

Institutional Investors Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $938,647,000. JPMorgan Chase & Co. boosted its stake in Extra Space Storage by 205.7% during the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust's stock worth $608,001,000 after buying an additional 2,755,265 shares during the period. Nuveen LLC purchased a new position in Extra Space Storage during the first quarter worth $257,917,000. AQR Capital Management LLC increased its position in Extra Space Storage by 570.3% during the first quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust's stock valued at $166,180,000 after acquiring an additional 956,500 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Extra Space Storage by 48.7% in the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust's stock valued at $430,107,000 after acquiring an additional 941,212 shares during the period. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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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