Extra Space Storage’s (EXR) “Neutral” Rating Reaffirmed at The Goldman Sachs Group

Extra Space Storage (NYSE:EXR)‘s stock had its “neutral” rating restated by stock analysts at The Goldman Sachs Group in a report issued on Thursday, MarketBeat reports. They currently have a $146.00 price target on the real estate investment trust’s stock, down from their prior price target of $169.00. The Goldman Sachs Group’s price objective would suggest a potential upside of 2.33% from the company’s current price.

A number of other analysts also recently commented on EXR. Bank of America boosted their price target on shares of Extra Space Storage from $155.00 to $161.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 13th. BNP Paribas upgraded shares of Extra Space Storage to a “hold” rating in a research report on Tuesday, June 24th. Evercore ISI dropped their price target on shares of Extra Space Storage from $148.00 to $146.00 and set an “in-line” rating on the stock in a research report on Monday, August 4th. Wall Street Zen downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Finally, Wells Fargo & Company dropped their target price on shares of Extra Space Storage from $165.00 to $160.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 23rd. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $153.60.

Extra Space Storage Trading Up 2.6%

Extra Space Storage stock opened at $142.6740 on Thursday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.88. The firm has a 50-day moving average price of $145.21 and a two-hundred day moving average price of $146.84. The firm has a market capitalization of $30.28 billion, a price-to-earnings ratio of 30.95, a PEG ratio of 3.37 and a beta of 1.07. Extra Space Storage has a 52-week low of $121.03 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $2.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.01). Extra Space Storage had a net margin of 29.51% and a return on equity of 6.69%. The firm had revenue of $841.62 million for the quarter, compared to analyst estimates of $719.43 million. During the same period in the previous year, the firm earned $2.06 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. Extra Space Storage has set its FY 2025 guidance at 8.050-8.25 EPS. Sell-side analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $150.35, for a total transaction of $1,127,625.00. Following the sale, the chief executive officer owned 27,260 shares in the company, valued at $4,098,541. The trade was a 21.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

A number of large investors have recently made changes to their positions in the company. Westwood Holdings Group Inc. acquired a new stake in shares of Extra Space Storage during the second quarter valued at approximately $7,377,000. CYBER HORNET ETFs LLC acquired a new stake in shares of Extra Space Storage during the second quarter valued at approximately $82,000. FORA Capital LLC raised its holdings in shares of Extra Space Storage by 154.0% during the second quarter. FORA Capital LLC now owns 4,627 shares of the real estate investment trust’s stock valued at $682,000 after acquiring an additional 2,805 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of Extra Space Storage by 2.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 467,610 shares of the real estate investment trust’s stock valued at $69,006,000 after acquiring an additional 12,657 shares during the period. Finally, Adelante Capital Management LLC raised its holdings in shares of Extra Space Storage by 30.6% during the second quarter. Adelante Capital Management LLC now owns 243,070 shares of the real estate investment trust’s stock valued at $35,838,000 after acquiring an additional 57,020 shares during the period. Institutional investors and hedge funds 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.