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

Key Points

• Wall Street Zen upgraded Extra Space Storage (NYSE:EXR) from a “sell” to a “hold” rating in a recent research note, adding to a mixed but mostly neutral analyst picture.
• Several other firms recently adjusted their views, including Barclays, Mizuho, Wells Fargo and Bank of America, while the stock’s overall consensus remains Hold with a target price of $146.27.
• Extra Space Storage reported Q1 earnings of $1.14 per share, well below expectations, though revenue came in slightly ahead of estimates and rose 4.4% year over year.

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

Other research analysts have also issued reports about the stock. Barclays lifted their price objective on shares of Extra Space Storage from $170.00 to $172.00 and gave the company an "overweight" rating in a research note on Friday, July 10th. Mizuho upped their target price on shares of Extra Space Storage from $150.00 to $155.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Raymond James Financial assumed coverage on shares of Extra Space Storage in a research note on Thursday. They issued an "outperform" rating and a $44.00 target price on the stock. Wells Fargo & Company lifted their price target on Extra Space Storage from $148.00 to $154.00 and gave the company an "overweight" rating in a research report on Monday, June 1st. Finally, Bank of America raised Extra Space Storage from an "underperform" rating to a "neutral" rating and increased their target price for the company from $147.00 to $156.00 in a research note on Tuesday, June 16th. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $146.27.

Extra Space Storage Price Performance

EXR opened at $148.38 on Friday. Extra Space Storage has a 1 year low of $125.71 and a 1 year high of $155.19. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.37 and a quick ratio of 0.37. The company has a market capitalization of $31.35 billion, a price-to-earnings ratio of 33.27, a P/E/G ratio of 4.66 and a beta of 1.19. The firm's fifty day moving average price is $145.31 and its two-hundred day moving average price is $142.13.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts' consensus estimates of $2.01 by ($0.87). Extra Space Storage had a net margin of 27.66% and a return on equity of 6.65%. The firm had revenue of $856.03 million for the quarter, compared to the consensus estimate of $851.35 million. During the same period in the previous year, the business earned $2.00 earnings per share. The firm's revenue for the quarter was up 4.4% on a year-over-year basis. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. As a group, analysts anticipate that Extra Space Storage will post 8.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $150.00, for a total value of $495,000.00. Following the completion of the transaction, the executive vice president directly owned 37,374 shares of the company's stock, valued at $5,606,100. This represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.96% of the company's stock.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pensionfund Sabic bought a new stake in Extra Space Storage during the fourth quarter worth about $1,153,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Extra Space Storage by 2.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 391,044 shares of the real estate investment trust's stock valued at $50,922,000 after purchasing an additional 9,492 shares in the last quarter. Bayhunt Capital LLC bought a new position in shares of Extra Space Storage during the fourth quarter valued at approximately $14,650,000. Norges Bank purchased a new position in Extra Space Storage during the fourth quarter valued at $1,219,606,000. Finally, Manning & Napier Advisors LLC raised its stake in Extra Space Storage by 3,007.7% during the fourth quarter. Manning & Napier Advisors LLC now owns 40,089 shares of the real estate investment trust's stock valued at $5,220,000 after buying an additional 38,799 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 NYSE: EXR is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.

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