Extra Space Storage (NYSE:EXR) Receives New Coverage from Analysts at Scotiabank

Scotiabank assumed coverage on shares of Extra Space Storage (NYSE:EXRGet Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The firm set a “sector underperform” rating and a $131.00 price target on the real estate investment trust’s stock. Scotiabank’s price objective would indicate a potential downside of 7.76% from the company’s previous close.

A number of other research firms also recently issued reports on EXR. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Extra Space Storage in a research note on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price target on the stock. Bank of America lowered shares of Extra Space Storage from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $155.00 to $119.00 in a report on Monday, October 30th. TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Wells Fargo & Company upgraded shares of Extra Space Storage from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $120.00 to $155.00 in a report on Tuesday, December 12th. Finally, Truist Financial raised their price objective on shares of Extra Space Storage from $138.00 to $152.00 and gave the company a “hold” rating in a report on Thursday, December 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and a consensus price target of $149.75.

Read Our Latest Research Report on EXR

Extra Space Storage Stock Performance

NYSE:EXR opened at $142.02 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market capitalization of $30.01 billion, a price-to-earnings ratio of 26.11, a PEG ratio of 3.54 and a beta of 0.75. The company’s 50-day moving average is $149.82 and its two-hundred day moving average is $132.64. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $170.30.

Insider Activity at Extra Space Storage

In related news, Director Joseph Saffire sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $139.32, for a total value of $1,393,200.00. Following the completion of the sale, the director now owns 82,344 shares in the company, valued at $11,472,166.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alberta Investment Management Corp raised its position in Extra Space Storage by 150.0% during the fourth quarter. Alberta Investment Management Corp now owns 8,250 shares of the real estate investment trust’s stock worth $1,323,000 after acquiring an additional 4,950 shares during the last quarter. Bank of Nova Scotia raised its position in Extra Space Storage by 32.6% during the fourth quarter. Bank of Nova Scotia now owns 26,372 shares of the real estate investment trust’s stock worth $4,228,000 after acquiring an additional 6,484 shares during the last quarter. Qtron Investments LLC acquired a new position in Extra Space Storage during the fourth quarter worth about $610,000. Makena Capital Management LLC acquired a new position in Extra Space Storage during the fourth quarter worth about $8,013,000. Finally, Dorsey & Whitney Trust CO LLC acquired a new position in Extra Space Storage during the fourth quarter worth about $215,000. Institutional investors and hedge funds own 66.40% of the company’s stock.

Extra Space Storage Company Profile

(Get Free Report)

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 September 30, 2023, the Company owned and/or operated 3,651 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.5 million units and approximately 279.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.

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Analyst Recommendations for Extra Space Storage (NYSE:EXR)

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