Extra Space Storage (NYSE:EXR) Coverage Initiated at Mizuho

Equities researchers at Mizuho started coverage on shares of Extra Space Storage (NYSE:EXR) in a report released on Wednesday,Benzinga reports. The brokerage set an “outperform” rating and a $141.00 price target on the real estate investment trust’s stock. Mizuho’s target price indicates a potential upside of 7.19% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Royal Bank of Canada dropped their price target on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Scotiabank upgraded Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and reduced their price target for the company from $165.00 to $149.00 in a research note on Wednesday. Barclays lowered their price objective on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $167.25.

Extra Space Storage Stock Down 3.1 %

EXR stock opened at $131.55 on Wednesday. Extra Space Storage has a 1-year low of $121.03 and a 1-year high of $184.87. The business’s 50 day simple moving average is $148.99 and its 200 day simple moving average is $156.95. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $27.92 billion, a PE ratio of 34.44, a PEG ratio of 7.76 and a beta of 0.96.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating the consensus estimate of $1.10 by $0.93. The firm had revenue of $821.90 million for the quarter, compared to the consensus estimate 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, research analysts anticipate that Extra Space Storage will post 8.1 EPS for the current year.

Insiders Place Their Bets

In other Extra Space Storage news, 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 sale, the director now owns 4,557 shares of the company’s stock, valued at approximately $679,448.70. This trade represents a 12.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the transaction, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at $1,355,065.50. This trade represents a 44.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,392 shares of company stock worth $1,392,315 over the last ninety days. Corporate insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in EXR. Golden State Wealth Management LLC acquired a new position in shares of Extra Space Storage during the fourth quarter worth $25,000. Harbour Investments Inc. grew its position in Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Continuum Advisory LLC increased its holdings in Extra Space Storage by 68.1% in the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 126 shares in the last quarter. Quent Capital LLC raised its position in Extra Space Storage by 89.0% in the fourth quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 154 shares during the last quarter. Finally, Asset Planning Inc acquired a new stake in shares of Extra Space Storage during the fourth quarter valued at about $52,000. 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.