Barclays Issues Pessimistic Forecast for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its target price cut by Barclays from $181.00 to $178.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s price target points to a potential upside of 17.26% from the company’s current price.

Other analysts have also recently issued reports about the company. Mizuho assumed coverage on Extra Space Storage in a research report on Wednesday, April 9th. They set an “outperform” rating and a $141.00 price objective on the stock. Bank of America lifted their price target on Extra Space Storage from $155.00 to $161.00 and gave the company a “neutral” rating in a research report on Tuesday, May 13th. Wells Fargo & Company decreased their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Evercore ISI boosted their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a report on Thursday, May 1st. Finally, Scotiabank boosted their price objective on shares of Extra Space Storage from $149.00 to $166.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 12th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Extra Space Storage has an average rating of “Moderate Buy” and a consensus price target of $158.46.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $151.80 on Friday. The business has a 50 day moving average of $143.10 and a 200 day moving average of $152.00. Extra Space Storage has a 52 week low of $121.03 and a 52 week high of $184.87. The company has a market cap of $32.21 billion, a PE ratio of 39.74, a P/E/G ratio of 7.76 and a beta of 1.14. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. During the same period in the previous year, the firm earned $1.96 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, equities research analysts forecast 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 the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the completion of the sale, the chief executive officer now directly owns 9,190 shares of the company’s stock, valued at approximately $1,355,065.50. This represents a 44.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP William N. Springer sold 1,220 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $152.66, for a total value of $186,245.20. Following the transaction, the executive vice president now owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. This trade represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,392 shares of company stock valued at $1,392,315. Company insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Large investors have recently made changes to their positions in the business. Norges Bank purchased a new position in Extra Space Storage in the 4th quarter worth approximately $938,647,000. JPMorgan Chase & Co. grew its stake in Extra Space Storage by 205.7% during the first quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock valued at $608,001,000 after acquiring an additional 2,755,265 shares in the last quarter. Nuveen LLC bought a new stake in Extra Space Storage in the 1st quarter valued at $257,917,000. AQR Capital Management LLC lifted its stake in Extra Space Storage by 570.3% in the 1st quarter. AQR Capital Management LLC now owns 1,124,206 shares of the real estate investment trust’s stock worth $166,180,000 after purchasing an additional 956,500 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in 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 worth $430,107,000 after purchasing an additional 941,212 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

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.