Extra Space Storage (NYSE:EXR) Coverage Initiated at Barclays

Equities research analysts at Barclays initiated coverage on shares of Extra Space Storage (NYSE:EXR) in a research report issued on Wednesday, Marketbeat reports. The firm set an “overweight” rating and a $157.00 price target on the real estate investment trust’s stock. Barclays‘s target price would indicate a potential upside of 6.85% from the company’s current price.

Several other research firms have also issued reports on EXR. Wells Fargo & Company decreased their target price on Extra Space Storage from $155.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, March 4th. Deutsche Bank Aktiengesellschaft assumed coverage on Extra Space Storage in a research report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price objective for the company. Scotiabank began coverage on Extra Space Storage in a research report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 price objective for the company. The Goldman Sachs Group upped their price target on Extra Space Storage from $168.00 to $187.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Finally, TheStreet raised Extra Space Storage from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus price target of $151.08.

Extra Space Storage Stock Performance

Shares of NYSE:EXR opened at $146.93 on Wednesday. The stock has a market capitalization of $31.09 billion, a P/E ratio of 29.74, a P/E/G ratio of 3.45 and a beta of 0.74. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $165.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. The business has a 50-day moving average price of $143.49 and a two-hundred day moving average price of $135.48.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). The firm had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.09 earnings per share. Equities analysts predict that Extra Space Storage will post 8.04 earnings per share for the current year.

Insiders Place Their Bets

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock worth $514,819 in the last 90 days. Company insiders own 1.55% of the company’s stock.

Institutional Trading of Extra Space Storage

Several large investors have recently bought and sold shares of the business. NewEdge Wealth LLC bought a new position in shares of Extra Space Storage during the third quarter worth about $341,000. Vanguard Personalized Indexing Management LLC increased its holdings in Extra Space Storage by 110.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,914 shares of the real estate investment trust’s stock worth $1,448,000 after purchasing an additional 6,262 shares in the last quarter. Vert Asset Management LLC increased its holdings in Extra Space Storage by 15.7% in the fourth quarter. Vert Asset Management LLC now owns 85,522 shares of the real estate investment trust’s stock worth $13,712,000 after purchasing an additional 11,612 shares in the last quarter. Spirit of America Management Corp NY grew its stake in Extra Space Storage by 166.7% in the third quarter. Spirit of America Management Corp NY now owns 35,730 shares of the real estate investment trust’s stock valued at $4,344,000 after acquiring an additional 22,335 shares during the period. Finally, Xponance Inc. boosted its position in shares of Extra Space Storage by 49.3% during the third quarter. Xponance Inc. now owns 27,259 shares of the real estate investment trust’s stock valued at $3,314,000 after buying an additional 9,003 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

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.