Extra Space Storage (NYSE:EXR) Price Target Lowered to $160.00 at UBS Group

Key Points

• UBS Group has lowered its price target for Extra Space Storage from $169.00 to $160.00, maintaining a "buy" rating, which suggests a potential upside of 11.13% from its previous closing price.
• Extra Space Storage reported earnings per share of $2.05 for the last quarter, slightly below estimates, with revenue of $841.62 million, reflecting a 3.8% increase year-over-year.
• Institutional investors hold a significant share of the company, owning 99.11% of Extra Space Storage's stock, indicating strong confidence among large investment funds.

Extra Space Storage (NYSE:EXR - Get Free Report) had its price target lowered by investment analysts at UBS Group from $169.00 to $160.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the real estate investment trust's stock. UBS Group's target price points to a potential upside of 11.13% from the company's previous close.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company upgraded Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 price target for the company in a report on Tuesday, August 26th. BNP Paribas raised Extra Space Storage to a "hold" rating in a research report on Tuesday, June 24th. The Goldman Sachs Group reissued a "neutral" rating and set a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a research report on Thursday, August 21st. Truist Financial cut their target price on Extra Space Storage from $158.00 to $150.00 and set a "hold" rating on the stock in a research report on Tuesday, August 19th. Finally, BNP Paribas Exane started coverage on Extra Space Storage in a research report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 target price on the stock. Seven 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, the stock currently has an average rating of "Hold" and a consensus target price of $152.20.

Extra Space Storage Trading Down 2.2%

Shares of NYSE:EXR opened at $143.97 on Tuesday. Extra Space Storage has a 12-month low of $121.03 and a 12-month high of $184.87. The company has a market capitalization of $30.56 billion, a PE ratio of 31.15, a PEG ratio of 3.56 and a beta of 1.09. The business has a 50 day moving average of $143.79 and a two-hundred day moving average of $145.41. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88.

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 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $719.43 million. During the same period in the previous year, the company earned $2.06 earnings per share. The company's quarterly 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. As a group, analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction on 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 directly 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 document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.36% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. GKV Capital Management Co. Inc. purchased a new position in Extra Space Storage in the first quarter valued at about $29,000. Chung Wu Investment Group LLC purchased a new position in Extra Space Storage in the second quarter valued at about $29,000. Elevation Point Wealth Partners LLC purchased a new position in Extra Space Storage in the second quarter valued at about $37,000. MTM Investment Management LLC purchased a new position in Extra Space Storage in the second quarter valued at about $38,000. Finally, Zions Bancorporation National Association UT purchased a new position in Extra Space Storage in the first quarter valued at about $50,000. Hedge funds and other institutional investors 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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