Royal Bank of Canada Has Lowered Expectations for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its price objective decreased by research analysts at Royal Bank of Canada from $163.00 to $160.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 6.99% from the company’s current price.

Several other research analysts have also issued reports on the stock. Scotiabank raised shares of Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and cut their target price for the stock from $165.00 to $149.00 in a research note on Wednesday, April 9th. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Barclays dropped their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Evercore ISI upped their target price on Extra Space Storage from $144.00 to $149.00 and gave the stock an “in-line” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $165.42.

Extra Space Storage Price Performance

Shares of NYSE EXR opened at $149.55 on Thursday. The company has a market capitalization of $31.74 billion, a PE ratio of 39.15, a P/E/G ratio of 7.76 and a beta of 0.96. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87. The firm has a fifty day simple moving average of $144.35 and a 200 day simple moving average of $153.46.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.04. The company had revenue of $820.00 million for the quarter, compared to the consensus estimate of $705.12 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.96 EPS. On average, sell-side analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Insider Activity

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. The trade was a 44.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,392 shares of company stock valued at $1,392,315 over the last three months. Corporate insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Several large investors have recently modified their holdings of the stock. Golden State Wealth Management LLC bought a new position in Extra Space Storage during the fourth quarter valued at $25,000. Harbour Investments Inc. grew its stake in shares of Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 80 shares during the period. Quent Capital LLC increased its holdings in Extra Space Storage by 89.0% in the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares during the last quarter. Asset Planning Inc bought a new stake in Extra Space Storage in the 4th quarter valued at about $52,000. Finally, Quarry LP lifted its holdings in Extra Space Storage by 156.1% during the fourth quarter. Quarry LP now owns 356 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 217 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Company Profile

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.