Extra Space Storage (NYSE:EXR) Price Target Lowered to $169.00 at Barclays

Key Points

• Barclays has lowered the price target for Extra Space Storage (NYSE:EXR) from $178.00 to $169.00 while maintaining an "overweight" rating, indicating a potential upside of 21.86% from the stock's previous close.
• Other analysts have varying ratings, with Benchmark setting a price target of $55.00, while Bank of America increased its target to $161.00, showing mixed sentiment towards the stock.
• Extra Space Storage reported a quarterly EPS of $2.05, falling short of analysts' expectations, despite a revenue increase of 3.8% compared to the same quarter last year.

Extra Space Storage (NYSE:EXR - Get Free Report) had its target price decreased by equities research analysts at Barclays from $178.00 to $169.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. Barclays's price target would indicate a potential upside of 21.86% from the stock's previous close.

Several other research analysts have also recently issued reports on EXR. Benchmark dropped their target price 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. Bank of America upped their price target on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Wells Fargo & Company lowered their target price on Extra Space Storage from $165.00 to $160.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 23rd. Evercore ISI lowered their price objective on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating for the company in a research note on Monday. Finally, BNP Paribas raised Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $155.85.

Extra Space Storage Price Performance

EXR opened at $138.68 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.29. The stock's 50 day moving average price is $147.98 and its 200-day moving average price is $147.99. The stock has a market capitalization of $29.44 billion, a PE ratio of 30.08, a price-to-earnings-growth ratio of 3.35 and a beta of 1.07. 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 issued 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). The company had revenue of $841.62 million during 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%. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.06 earnings per share. On average, equities research analysts predict that Extra Space Storage will post 8.1 EPS for the current year.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total value of $1,127,625.00. Following the sale, the chief executive officer owned 27,260 shares in the company, valued at $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 available through the SEC website. 0.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Extra Space Storage

Institutional investors have recently added to or reduced their stakes in the stock. GKV Capital Management Co. Inc. purchased a new stake in Extra Space Storage during the 1st quarter worth approximately $29,000. Chung Wu Investment Group LLC purchased a new stake in shares of Extra Space Storage during the second quarter worth approximately $29,000. Zions Bancorporation National Association UT acquired a new position in Extra Space Storage in the 1st quarter valued at $50,000. Quarry LP boosted its position in Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after acquiring an additional 217 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its stake in Extra Space Storage by 147.0% during the 1st quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after acquiring an additional 241 shares in the last quarter. Institutional investors and hedge funds 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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