Extra Space Storage (NYSE:EXR) Upgraded at Wells Fargo & Company

Key Points

• Wells Fargo & Company upgraded Extra Space Storage from an "equal weight" rating to an "overweight" rating, setting a target price of $160.00, which reflects a potential upside of 14.10% from its current price.
• Extra Space Storage reported a revenue of $841.62 million for the last quarter, exceeding analysts' expectations, but missed earnings per share (EPS) estimates slightly.
• The company has a consensus rating of "Hold" from analysts, with seven giving a Buy rating and nine a Hold rating, based on an average price target of $153.60.

Extra Space Storage (NYSE:EXR - Get Free Report) was upgraded by analysts at Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $160.00 price target on the real estate investment trust's stock. Wells Fargo & Company's target price would suggest a potential upside of 11.32% from the stock's current price.

Other equities research analysts also recently issued research reports about the stock. BNP Paribas Exane assumed coverage on shares of Extra Space Storage in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $156.00 target price for the company. Scotiabank lifted their target price on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Barclays cut their target price on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Royal Bank Of Canada cut their target price on shares of Extra Space Storage from $160.00 to $148.00 and set a "sector perform" rating for the company in a research report on Monday, August 4th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $146.00 target price (down previously from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. Seven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $153.33.

Extra Space Storage Stock Up 1.0%

Shares of EXR traded up $1.41 on Tuesday, hitting $143.73. 857,281 shares of the stock traded hands, compared to its average volume of 1,185,605. The company has a market capitalization of $30.51 billion, a PE ratio of 31.18, a P/E/G ratio of 3.43 and a beta of 1.07. 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 business has a 50 day simple moving average of $144.67 and a 200 day simple moving average of $146.34. Extra Space Storage has a one year low of $121.03 and a one year high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its quarterly 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). The firm had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. Extra Space Storage's revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, equities analysts forecast that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $150.35, for a total transaction 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 this link. Corporate insiders own 0.96% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EXR. Westwood Holdings Group Inc. purchased a new stake in shares of Extra Space Storage in the second quarter valued at approximately $7,377,000. CYBER HORNET ETFs LLC bought a new position in Extra Space Storage during the 2nd quarter worth about $82,000. FORA Capital LLC increased its position in Extra Space Storage by 154.0% during the 2nd quarter. FORA Capital LLC now owns 4,627 shares of the real estate investment trust's stock valued at $682,000 after purchasing an additional 2,805 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in shares of Extra Space Storage by 2.8% in the 2nd 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 boosted its stake 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 valued at $35,838,000 after purchasing an additional 57,020 shares in the last quarter. Institutional investors 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.