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

Extra Space Storage (NYSE:EXR) had its price target decreased by stock analysts at Evercore ISI from $148.00 to $146.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s target price points to a potential upside of 5.29% from the stock’s previous close.

Several other equities research analysts have also issued reports on EXR. Royal Bank Of Canada lowered their target price on shares of Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating on the stock in a research note on Monday. Wells Fargo & Company lowered their target price on shares of Extra Space Storage from $165.00 to $160.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 23rd. Wall Street Zen raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Barclays decreased their price target on shares of Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. Finally, Scotiabank raised their price target on shares of Extra Space Storage from $149.00 to $166.00 and gave the company a “sector outperform” rating in a research note on Monday, May 12th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $156.54.

Extra Space Storage Price Performance

Shares of EXR opened at $138.66 on Monday. The business’s 50-day moving average is $148.44 and its two-hundred day moving average is $148.14. The company has a market capitalization of $29.43 billion, a P/E ratio of 30.08, a P/E/G ratio of 3.35 and a beta of 1.07. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.29. Extra Space Storage has a fifty-two week low of $121.03 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its earnings results 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). Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%. The firm had revenue of $841.62 million for the quarter, compared to analysts’ expectations of $719.43 million. During the same period in the previous year, the company earned $2.06 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. Research analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the completion of the sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. This trade represents a 21.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Aptus Capital Advisors LLC increased its holdings in shares of Extra Space Storage by 4.3% during the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 68 shares during the last quarter. Siemens Fonds Invest GmbH increased its holdings in shares of Extra Space Storage by 3.0% during the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust’s stock worth $342,000 after buying an additional 68 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Extra Space Storage by 5.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,327 shares of the real estate investment trust’s stock valued at $199,000 after purchasing an additional 73 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Extra Space Storage by 8.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 934 shares of the real estate investment trust’s stock valued at $139,000 after purchasing an additional 73 shares during the last quarter. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its holdings in Extra Space Storage by 4.6% in 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 purchasing an additional 80 shares during the last quarter. 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.