Mizuho Forecasts Strong Price Appreciation for Extra Space Storage (NYSE:EXR) Stock

Extra Space Storage (NYSE:EXR - Get Free Report) had its price objective boosted by equities research analysts at Mizuho from $141.00 to $153.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the real estate investment trust's stock. Mizuho's target price would suggest a potential upside of 3.41% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Wall Street Zen upgraded shares of Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Scotiabank raised their price objective on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Bank of America raised their price objective on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Evercore ISI lifted their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the company an "in-line" rating in a report on Thursday, May 1st. Finally, Benchmark dropped their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Extra Space Storage presently has a consensus rating of "Moderate Buy" and an average target price of $159.38.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded up $0.03 during trading on Wednesday, reaching $147.95. 353,901 shares of the company traded hands, compared to its average volume of 1,054,328. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 12-month low of $121.03 and a 12-month high of $184.87. The firm's fifty day simple moving average is $143.28 and its 200 day simple moving average is $151.20. The stock has a market cap of $31.40 billion, a P/E ratio of 38.72, a PEG ratio of 7.76 and a beta of 1.14.

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

Insider Buying and Selling

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph J. Bonner sold 672 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the completion of the sale, the director now directly owns 4,557 shares of the company's stock, valued at $679,448.70. The trade was a 12.85% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,392 shares of company stock worth $1,392,315. Insiders own 0.96% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Manning & Napier Advisors LLC increased its stake in Extra Space Storage by 1,127.2% in the 4th quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust's stock worth $116,985,000 after acquiring an additional 718,266 shares during the last quarter. Brentview Investment Management LLC bought a new position in Extra Space Storage in the 4th quarter valued at $2,852,000. Cibc World Market Inc. grew its position in Extra Space Storage by 6.1% in the 4th quarter. Cibc World Market Inc. now owns 120,834 shares of the real estate investment trust's stock valued at $18,077,000 after acquiring an additional 6,899 shares during the last quarter. Natixis bought a new position in Extra Space Storage in the 4th quarter valued at $11,501,000. Finally, Investment Management Corp of Ontario grew its position in Extra Space Storage by 37.0% in the 4th quarter. Investment Management Corp of Ontario now owns 9,543 shares of the real estate investment trust's stock valued at $1,428,000 after acquiring an additional 2,579 shares during the last quarter. Institutional investors 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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