Extra Space Storage (NYSE:EXR) Stock Rating Lowered by Wall Street Zen

Key Points

• Extra Space Storage's stock rating was downgraded from "hold" to "sell" by Wall Street Zen, marking a significant shift in analyst sentiment.
• Multiple analysts have lowered their price targets on Extra Space Storage, with Barclays reducing it from $178 to $169, highlighting a general trend of decreasing expectations for the stock.
• The company's stock is currently trading around $140.07, still above its one-year low of $121.03, while its revenue for the last quarter exceeded estimates at $841.62 million.

Extra Space Storage (NYSE:EXR - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Friday.

A number of other equities research analysts have also commented on EXR. Barclays decreased their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. UBS Group decreased their price objective on shares of Extra Space Storage from $169.00 to $160.00 and set a "buy" rating on the stock in a report on Tuesday, September 16th. Citigroup cut their target price on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. Truist Financial cut their target price on shares of 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, Wells Fargo & Company upgraded shares of Extra Space Storage from an "equal weight" rating to an "overweight" rating and set a $160.00 target price on the stock in a research report on Tuesday, August 26th. Six research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $148.50.

Extra Space Storage Stock Performance

Extra Space Storage stock traded up $2.36 on Friday, hitting $140.07. The company's stock had a trading volume of 896,134 shares, compared to its average volume of 1,030,982. The company has a fifty day moving average price of $142.22 and a 200-day moving average price of $144.62. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage has a one year low of $121.03 and a one year high of $181.42. The firm has a market cap of $29.73 billion, a P/E ratio of 30.38, a price-to-earnings-growth ratio of 3.34 and a beta of 1.09.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted 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 firm had revenue of $841.62 million during the quarter, compared to the consensus estimate of $719.43 million. During the same period in the previous year, the company posted $2.06 EPS. The firm's revenue for the quarter 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. On average, equities analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current year.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm's 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 completion of the transaction, the chief executive officer directly owned 27,260 shares of the company's stock, valued at approximately $4,098,541. This trade represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds have recently added to or reduced their stakes in the business. D.A. Davidson & CO. boosted its position in shares of Extra Space Storage by 7.2% in the first quarter. D.A. Davidson & CO. now owns 1,895 shares of the real estate investment trust's stock valued at $281,000 after acquiring an additional 127 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Extra Space Storage by 1.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 22,222 shares of the real estate investment trust's stock valued at $3,285,000 after acquiring an additional 398 shares during the period. QRG Capital Management Inc. boosted its position in shares of Extra Space Storage by 21.4% in the first quarter. QRG Capital Management Inc. now owns 2,684 shares of the real estate investment trust's stock valued at $399,000 after acquiring an additional 474 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Extra Space Storage by 24.3% in the first quarter. Farther Finance Advisors LLC now owns 1,464 shares of the real estate investment trust's stock valued at $216,000 after acquiring an additional 286 shares during the period. Finally, IFP Advisors Inc boosted its position in shares of Extra Space Storage by 1,376.5% in the first quarter. IFP Advisors Inc now owns 1,698 shares of the real estate investment trust's stock valued at $252,000 after acquiring an additional 1,583 shares during the period. Institutional investors and hedge funds 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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