Royal Bank Of Canada Lowers Extra Space Storage (NYSE:EXR) Price Target to $148.00

Key Points

• Royal Bank of Canada has lowered its price target for Extra Space Storage from $160.00 to $148.00, maintaining a "sector perform" rating.
• Other brokerages have varied opinions on the stock, with Scotiabank raising their target to $166.00 and Barclays reducing theirs to $178.00.
• Extra Space Storage's shares recently traded down 0.3% to $138.88, with a market cap of $29.47 billion and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) had its target price reduced by Royal Bank Of Canada from $160.00 to $148.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "sector perform" rating on the real estate investment trust's stock. Royal Bank Of Canada's target price would suggest a potential upside of 6.57% from the company's previous close.

Several other brokerages have also weighed in on EXR. Scotiabank increased their target price on 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. BNP Paribas upgraded Extra Space Storage to a "hold" rating in a report on Tuesday, June 24th. Bank of America lifted their price objective on Extra Space Storage from $155.00 to $161.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Mizuho increased their target price on shares of Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. Finally, Barclays reduced their price target on shares of Extra Space Storage from $181.00 to $178.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Extra Space Storage currently has a consensus rating of "Hold" and a consensus target price of $156.77.

Extra Space Storage Trading Down 0.3%

Shares of NYSE EXR traded down $0.43 on Monday, reaching $138.88. 130,784 shares of the company traded hands, compared to its average volume of 1,195,919. The stock has a market capitalization of $29.47 billion, a PE ratio of 30.08, a P/E/G ratio of 3.38 and a beta of 1.07. Extra Space Storage has a fifty-two week low of $121.03 and a fifty-two week high of $184.87. The company has a current ratio of 0.29, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88. The company has a 50 day moving average of $148.78 and a 200 day moving average of $148.30.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.01). The company had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The business's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the company posted $2.06 EPS. On average, equities research analysts forecast that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer owned 27,260 shares of the company's stock, valued at $4,098,541. The trade was a 21.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.36% of the company's stock.

Institutional Trading of Extra Space Storage

Hedge funds and other institutional investors have recently modified their holdings of the business. World Investment Advisors grew its stake in Extra Space Storage by 30.4% during the 4th quarter. World Investment Advisors now owns 1,560 shares of the real estate investment trust's stock valued at $233,000 after purchasing an additional 364 shares in the last quarter. Wedbush Securities Inc. boosted its stake in shares of Extra Space Storage by 3.9% during the 4th quarter. Wedbush Securities Inc. now owns 7,574 shares of the real estate investment trust's stock valued at $1,133,000 after buying an additional 286 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of Extra Space Storage by 5.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,327 shares of the real estate investment trust's stock worth $199,000 after buying an additional 73 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Extra Space Storage by 206.9% in the fourth quarter. Federated Hermes Inc. now owns 1,105 shares of the real estate investment trust's stock worth $165,000 after buying an additional 745 shares during the last quarter. Finally, Cerity Partners LLC raised its holdings in Extra Space Storage by 8.1% in the fourth quarter. Cerity Partners LLC now owns 15,589 shares of the real estate investment trust's stock valued at $2,563,000 after acquiring an additional 1,163 shares in 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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