Scotiabank Issues Positive Forecast for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR - Get Free Report) had its target price boosted by equities research analysts at Scotiabank from $149.00 to $166.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the real estate investment trust's stock. Scotiabank's price objective points to a potential upside of 9.35% from the stock's current price.

Several other equities analysts have also weighed in on EXR. Mizuho initiated coverage on shares of Extra Space Storage in a research report on Wednesday, April 9th. They issued an "outperform" rating and a $141.00 price objective on the stock. Royal Bank of Canada dropped their price target on shares of Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating for the company in a research report on Thursday, May 1st. Evercore ISI lifted their price target on shares of Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a research report on Thursday, May 1st. The Goldman Sachs Group reiterated a "buy" rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Finally, StockNews.com upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Extra Space Storage presently has an average rating of "Moderate Buy" and a consensus target price of $158.46.

Extra Space Storage Stock Up 2.2%

EXR traded up $3.22 during trading hours on Monday, hitting $151.80. 646,593 shares of the company's stock were exchanged, compared to its average volume of 1,054,671. Extra Space Storage has a 1-year low of $121.03 and a 1-year high of $184.87. The stock's 50-day moving average is $143.10 and its two-hundred day moving average is $152.08. The stock has a market cap of $32.21 billion, a price-to-earnings ratio of 39.74, a PEG ratio of 7.76 and a beta of 1.14. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $820.00 million during the quarter, compared to analysts' expectations of $705.12 million. During the same quarter in the prior year, the company posted $1.96 earnings per share. The firm's revenue was up 2.6% on a year-over-year basis. Sell-side analysts predict that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's 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 transaction, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at approximately $1,355,065.50. The trade was a 44.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of the business's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at $3,077,320.28. This trade represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,392 shares of company stock worth $1,392,315. 0.96% of the stock is owned by corporate insiders.

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 company. Golden State Wealth Management LLC bought a new position in shares of Extra Space Storage in the fourth quarter worth approximately $25,000. Harbour Investments Inc. lifted its stake in Extra Space Storage by 90.9% in the fourth quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 80 shares during the period. GKV Capital Management Co. Inc. bought a new position in Extra Space Storage in the first quarter worth $29,000. Quent Capital LLC raised its holdings in Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 154 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in shares of Extra Space Storage during the first quarter valued at $50,000. 99.11% of the stock is currently owned by institutional investors.

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.