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

Key Points

• Extra Space Storage (NYSE:EXR) was upgraded from a "sell" rating to a "hold" rating by Wall Street Zen in a recent research note.
• Analysts currently have an average price target of $151.57 for Extra Space Storage, with six analysts giving a Buy rating and nine issuing a Hold rating.
• The company reported quarterly earnings of $2.05 per share, slightly missing estimates, while its revenue for the quarter was significantly above consensus forecasts at $841.62 million.

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 on Tuesday.

Several other analysts also recently issued reports on the company. Bank of America boosted their price objective on Extra Space Storage from $155.00 to $161.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Evercore ISI cut their price objective on Extra Space Storage from $148.00 to $146.00 and set an "in-line" rating on the stock in a report on Monday, August 4th. BNP Paribas Exane initiated coverage on Extra Space Storage in a report on Tuesday, June 24th. They set a "neutral" rating and a $156.00 price objective on the stock. Scotiabank cut their price objective on Extra Space Storage from $166.00 to $162.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 28th. Finally, Mizuho boosted their price objective on Extra Space Storage from $141.00 to $153.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $151.57.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $147.03 on Tuesday. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87. 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 market capitalization of $31.21 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 3.56 and a beta of 1.09. The firm has a 50-day moving average of $144.33 and a two-hundred day moving average of $145.76.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (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%.Extra Space Storage's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.06 EPS. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. As a group, analysts expect that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 27,260 shares of the company's stock, valued at $4,098,541. This represents a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds have recently added to or reduced their stakes in EXR. GKV Capital Management Co. Inc. acquired a new position in Extra Space Storage in the first quarter worth approximately $29,000. Chung Wu Investment Group LLC acquired a new position in Extra Space Storage during the second quarter valued at approximately $29,000. Elevation Point Wealth Partners LLC acquired a new position in Extra Space Storage during the second quarter valued at approximately $37,000. MTM Investment Management LLC acquired a new position in Extra Space Storage during the second quarter valued at approximately $38,000. Finally, Zions Bancorporation National Association UT acquired a new position in Extra Space Storage during the first quarter valued at approximately $50,000. 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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