Extra Space Storage Downgraded by StockNews.com

Extra Space Storage (NYSE:EXR) has recently been downgraded by StockNews.com from a "hold" rating to a "sell" rating in a report published on Friday. This change in rating has caught the attention of investors and market analysts alike.

Additional evaluations from other research firms have also been released concerning Extra Space Storage. Wells Fargo & Company has lowered their target price for the stock from $170.00 to $165.00 while maintaining an "equal weight" rating. This was noted in a report on February 21st.

Furthermore, Royal Bank of Canada has adjusted its target price for the shares from $167.00 to $163.00, opting for a "sector perform" rating as per their research findings from February 27th. Scotiabank mirrored this sentiment by reducing its target price from $167.00 to $165.00, also assigning a "sector perform" rating.

In addition, Barclays has reduced its target price from $192.00 to $184.00 while retaining an "overweight" rating in a report released on January 13th. Truist Financial, meanwhile, has raised their price target slightly from $167.00 to $168.00 and has kept a "hold" rating as of December 5th of the previous year. Currently, two analysts have assigned a sell rating to Extra Space Storage, six analysts have rated it as a hold, and four have provided a buy rating. Based on data from MarketBeat.com, the consensus rating for Extra Space Storage is "Hold" with an average target price of $171.36.

Recent Trading Activity

During midday trading on Friday, shares of Extra Space Storage increased by $2.06, reaching $157.11. Approximately 1,807,243 shares were exchanged, which is higher than the average volume of 1,354,380. The company has a market capitalization of $33.31 billion and a price-to-earnings ratio of 41.13. Notably, Extra Space Storage has experienced a 52-week low of $131.02 and a high of $184.87.

In the last earnings report, which was issued on February 25th, the real estate investment trust reported earnings of $2.03 per share, significantly surpassing analysts' expectations of $1.10. Revenue for the quarter was $821.90 million, exceeding forecasts of $707.34 million, with a net margin of 25.35% and a return on equity of 5.51%. Analysts are predicting an average earnings per share of 8.1 for the ongoing fiscal year.

Insider Trading Insights

In other recent news concerning Extra Space Storage, EVP William N. Springer sold 1,220 shares on February 28th at an average price of $152.66, resulting in a transaction total of $186,245.20. Following this sale, Springer now holds 20,158 shares valued at approximately $3,077,320.28, indicating a 5.71% decrease in ownership. Additionally, CEO Joseph D. Margolis sold 7,500 shares on January 2nd for $1,110,075.00, leading to a 31.00% decrease in his position. Company insiders own about 1.36% of all outstanding shares of the company.

Institutional Investor Activity

Hedge funds and other institutional investors have recently altered their investments in Extra Space Storage. Tidal Investments LLC increased its stake by 34.4% in the third quarter, owning 12,640 shares valued at $2,278,000 after acquiring an additional 3,234 shares. Similarly, Swedbank AB boosted its stake by 4.5% during the same period, now holding 243,130 shares worth $43,810,000 after purchasing 10,408 more shares.

Additionally, UBS Asset Management made a significant increase by acquiring 1,741,320 shares, bringing its total stake to 1,981,799 shares worth $357,100,000. Duff & Phelps Investment Management Co. and Brown Financial Advisors also reported equal increases in their holdings during the third quarter, further exhibiting the interest from institutional investors. Overall, hedge funds and institutional investors currently hold 99.11% of Extra Space Storage's stock.

Company Overview

Extra Space Storage Inc is based in Salt Lake City, Utah. It is a self-administered and self-managed real estate investment trust (REIT) that is included in the S&P 500 index. As of December 31, 2023, the company owned and/or operated 3,714 self-storage stores across 42 states and Washington, D.C., with a rich portfolio of approximately 2.6 million units and 283.0 million square feet of rentable space.

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