Royal Bank of Canada Lowers Extra Space Storage (NYSE:EXR) Price Target to $163.00

Extra Space Storage (NYSE:EXR) had its target price decreased by analysts at Royal Bank of Canada from $167.00 to $163.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 6.98% from the company’s previous close.

Several other brokerages also recently commented on EXR. Truist Financial boosted their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective on the stock in a research note on Friday, January 10th. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Wells Fargo & Company reduced their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Finally, Barclays decreased their price objective on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $171.55.

Extra Space Storage Stock Down 0.7 %

Shares of NYSE EXR opened at $152.36 on Thursday. Extra Space Storage has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The business has a fifty day moving average of $152.27 and a two-hundred day moving average of $163.47. The stock has a market cap of $32.30 billion, a PE ratio of 39.88, a PEG ratio of 7.76 and a beta of 0.91.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. The business had revenue of $821.90 million during the quarter, compared to analysts’ expectations of $707.34 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. As a group, equities research analysts expect 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, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. The trade was a 31.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in Extra Space Storage in the fourth quarter valued at about $938,647,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Extra Space Storage by 724.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after acquiring an additional 1,741,320 shares during the last quarter. Northern Trust Corp increased its stake in shares of Extra Space Storage by 48.7% in the 4th quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock valued at $430,107,000 after acquiring an additional 941,212 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Extra Space Storage in the 4th quarter valued at approximately $107,453,000. Finally, Manning & Napier Advisors LLC boosted its stake in Extra Space Storage by 1,127.2% during 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. 99.11% of the stock is currently owned by 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.