Royal Bank Of Canada Lowers Extra Space Storage (NYSE:EXR) Price Target to $146.00

Extra Space Storage (NYSE:EXR) had its price objective dropped by research analysts at Royal Bank Of Canada from $148.00 to $146.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 9.53% from the company’s previous close.

EXR has been the topic of a number of other research reports. Scotiabank decreased their target price on shares of Extra Space Storage from $166.00 to $162.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Truist Financial reduced their price objective on Extra Space Storage from $158.00 to $150.00 and set a “hold” rating on the stock in a research note on Tuesday, August 19th. Barclays lowered their target price on Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Evercore ISI restated a “cautious” rating on shares of Extra Space Storage in a report on Monday. Finally, Wall Street Zen cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Six investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $148.36.

Extra Space Storage Price Performance

NYSE:EXR traded up $2.24 during mid-day trading on Friday, reaching $133.30. The stock had a trading volume of 488,621 shares, compared to its average volume of 1,164,749. The stock has a market capitalization of $28.29 billion, a P/E ratio of 29.75, a P/E/G ratio of 2.56 and a beta of 1.14. The firm has a 50 day moving average price of $143.11 and a two-hundred day moving average price of $145.03. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.29 and a current ratio of 0.29. Extra Space Storage has a one year low of $121.03 and a one year high of $175.57.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.02. The business had revenue of $838.53 million for the quarter, compared to analysts’ expectations of $736.26 million. Extra Space Storage had a net margin of 28.40% and a return on equity of 6.53%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the business earned $2.07 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.120-8.20 EPS. As a group, analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $141.41, for a total transaction of $1,060,575.00. Following the sale, the chief executive officer directly owned 19,760 shares of the company’s stock, valued at approximately $2,794,261.60. The trade was a 27.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently added to or reduced their stakes in EXR. FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its position in Extra Space Storage by 4.6% during the 2nd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,825 shares of the real estate investment trust’s stock valued at $269,000 after acquiring an additional 80 shares during the period. Versant Capital Management Inc raised its position in Extra Space Storage by 60.2% in the 3rd quarter. Versant Capital Management Inc now owns 213 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 80 shares during the last quarter. Brown Advisory Inc. boosted its holdings in Extra Space Storage by 1.8% in the second quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust’s stock worth $653,000 after purchasing an additional 80 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Extra Space Storage by 10.2% in the third quarter. Exchange Traded Concepts LLC now owns 983 shares of the real estate investment trust’s stock worth $139,000 after acquiring an additional 91 shares during the period. Finally, Farther Finance Advisors LLC increased its position in shares of Extra Space Storage by 6.5% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,559 shares of the real estate investment trust’s stock valued at $230,000 after purchasing an additional 95 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.