Weiss Ratings Reiterates Hold (C) Rating for Extra Space Storage (NYSE:EXR)

Extra Space Storage (NYSE:EXR)‘s stock had its “hold (c)” rating reiterated by stock analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other brokerages also recently weighed in on EXR. BNP Paribas upgraded Extra Space Storage to a “hold” rating in a report on Tuesday, June 24th. Barclays decreased their price target on Extra Space Storage from $178.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Royal Bank Of Canada decreased their price target on Extra Space Storage from $160.00 to $148.00 and set a “sector perform” rating for the company in a report on Monday, August 4th. Evercore ISI increased their price target on Extra Space Storage from $147.00 to $149.00 and gave the stock a “cautious” rating in a report on Friday, October 3rd. Finally, BNP Paribas Exane started coverage on Extra Space Storage in a report on Tuesday, June 24th. They set a “neutral” rating and a $156.00 price target for the company. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $148.64.

Extra Space Storage Stock Down 0.3%

Shares of NYSE:EXR opened at $142.44 on Wednesday. The firm has a market cap of $30.23 billion, a P/E ratio of 30.90, a P/E/G ratio of 3.46 and a beta of 1.11. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. Extra Space Storage has a 12-month low of $121.03 and a 12-month high of $175.57. The business has a fifty day simple moving average of $140.87 and a 200 day simple moving average of $144.38.

Extra Space Storage (NYSE:EXR) last announced 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). The company had revenue of $841.62 million for the quarter, compared to the consensus estimate of $719.43 million. Extra Space Storage had a return on equity of 6.69% and a net margin of 29.51%.The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.06 earnings per share. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Analysts predict that Extra Space Storage will post 8.1 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $141.41, for a total value of $1,060,575.00. Following the transaction, the chief executive officer owned 19,760 shares of the company’s stock, valued at approximately $2,794,261.60. This trade represents a 27.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Several large investors have recently added to or reduced their stakes in EXR. Norges Bank bought a new position in Extra Space Storage in the 2nd quarter valued at about $1,058,303,000. JPMorgan Chase & Co. lifted its position in shares of Extra Space Storage by 205.7% during the 1st quarter. JPMorgan Chase & Co. now owns 4,094,555 shares of the real estate investment trust’s stock worth $608,001,000 after buying an additional 2,755,265 shares in the last quarter. Nuveen LLC bought a new position in shares of Extra Space Storage during the 1st quarter worth approximately $257,917,000. Resolution Capital Ltd lifted its position in shares of Extra Space Storage by 116.2% during the 2nd quarter. Resolution Capital Ltd now owns 1,950,842 shares of the real estate investment trust’s stock worth $287,632,000 after buying an additional 1,048,685 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Extra Space Storage by 570.3% during 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 buying an additional 956,500 shares in 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.