Barclays Has Lowered Expectations for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its price target reduced by equities researchers at Barclays from $184.00 to $181.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Barclays‘s target price would indicate a potential upside of 20.60% from the stock’s previous close.

Several other research firms have also commented on EXR. Truist Financial increased their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. The Goldman Sachs Group reissued a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Royal Bank of Canada cut their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company decreased their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Finally, StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $171.09.

Extra Space Storage Price Performance

Shares of EXR stock traded down $1.77 during midday trading on Wednesday, reaching $150.08. 104,097 shares of the company were exchanged, compared to its average volume of 1,341,760. The company has a market cap of $31.82 billion, a P/E ratio of 39.24, a PEG ratio of 7.76 and a beta of 0.90. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage has a 12 month low of $131.02 and a 12 month high of $184.87. The company’s 50 day moving average price is $153.13 and its two-hundred day moving average price is $162.65.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $821.90 million during the quarter, compared to analyst estimates of $707.34 million. On average, sell-side analysts expect 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 company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at $3,077,320.28. This represents a 5.71 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Several large investors have recently modified their holdings of the stock. Mattson Financial Services LLC boosted its stake in shares of Extra Space Storage by 74.4% in the 4th quarter. Mattson Financial Services LLC now owns 18,044 shares of the real estate investment trust’s stock valued at $2,699,000 after purchasing an additional 7,696 shares in the last quarter. Phocas Financial Corp. bought a new stake in Extra Space Storage during the fourth quarter worth about $284,000. Siemens Fonds Invest GmbH increased its holdings in shares of Extra Space Storage by 3.0% during the fourth 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Extra Space Storage in the fourth quarter valued at approximately $74,984,000. Finally, Employees Retirement System of Texas boosted its holdings in shares of Extra Space Storage by 29.4% in the 4th quarter. Employees Retirement System of Texas now owns 118,745 shares of the real estate investment trust’s stock worth $17,764,000 after acquiring an additional 27,000 shares in the last quarter. 99.11% of the stock is currently owned by 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.