Extra Space Storage (NYSE:EXR) Upgraded to "Hold" at Wall Street Zen

Key Points

• Extra Space Storage has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, amidst several other analysts adjusting their ratings and target prices on the stock.
• The stock recently opened at $141.98 and has a consensus target price of $148.64, with its 12-month low at $121.03 and high at $175.57.
• In the latest quarter, Extra Space Storage reported a $2.05 EPS, slightly missing analysts' estimates, while revenue increased by 3.8% year-over-year, totaling $841.62 million.

Extra Space Storage (NYSE:EXR - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

EXR has been the subject of a number of other reports. Scotiabank reduced their target price on shares of Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating for the company in a report on Thursday, August 28th. Barclays reduced their price objective on shares of Extra Space Storage from $178.00 to $169.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. The Goldman Sachs Group reissued a "neutral" rating and issued a $146.00 price objective (down from $169.00) on shares of Extra Space Storage in a research note on Thursday, August 21st. BNP Paribas raised shares of Extra Space Storage to a "hold" rating in a research note on Tuesday, June 24th. Finally, Citigroup reduced their price objective on shares of Extra Space Storage from $165.00 to $150.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Extra Space Storage presently has a consensus rating of "Hold" and a consensus target price of $148.64.

Extra Space Storage Stock Down 0.8%

Shares of EXR stock opened at $141.98 on Friday. Extra Space Storage has a 12 month low of $121.03 and a 12 month high of $175.57. The stock has a market cap of $30.14 billion, a P/E ratio of 30.80, a P/E/G ratio of 3.47 and a beta of 1.11. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.88. The company has a 50 day simple moving average of $141.10 and a two-hundred day simple moving average of $144.34.

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 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The business had revenue of $841.62 million for the quarter, compared to analysts' expectations of $719.43 million. During the same period in the prior year, the company posted $2.06 earnings per share. The firm's quarterly revenue was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. On average, research analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the completion of the transaction, the chief executive officer directly owned 19,760 shares of the company's stock, valued at approximately $2,794,261.60. This trade represents a 27.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.96% of the company's stock.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors have recently bought and sold shares of the stock. Exchange Traded Concepts LLC grew its stake in Extra Space Storage by 8.5% during the first quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust's stock valued at $139,000 after acquiring an additional 73 shares in the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its position in Extra Space Storage by 4.6% during the second quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,825 shares of the real estate investment trust's stock valued at $269,000 after purchasing an additional 80 shares during the last quarter. Brown Advisory Inc. lifted its position in Extra Space Storage by 1.8% during the second quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust's stock valued at $653,000 after purchasing an additional 80 shares during the last quarter. Naviter Wealth LLC lifted its position in Extra Space Storage by 0.6% during the first quarter. Naviter Wealth LLC now owns 13,645 shares of the real estate investment trust's stock valued at $2,007,000 after purchasing an additional 82 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC lifted its position in Extra Space Storage by 0.8% during the first quarter. Taylor Frigon Capital Management LLC now owns 12,248 shares of the real estate investment trust's stock valued at $1,819,000 after purchasing an additional 93 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

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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