Extra Space Storage EXR Downgraded to Sell by StockNews.com Amid Market Adjustments

Investment analysts at StockNews.com have revised their stance on Extra Space Storage EXR, shifting their rating from 'hold' to 'sell' in a research note delivered to investors. This marks a notable change for the real estate investment trust, which specializes in self-storage units and is headquartered in Cottonwood Heights, Utah. The downgrade came into effect over the weekend, signaling a bearish outlook from the analysts.

Brokerage Firms' Movements on EXR

Extra Space Storage EXR has witnessed mixed reactions from other brokerage houses in recent times. Bank of America previously downgraded the company from 'buy' to 'neutral' and simultaneously lowered their price objective from $155.00 to $119.00. Further adjustments came from Citigroup, which set a price objective at $135.00 while maintaining a 'neutral' rating. TheStreet's recent report moved Extra Space Storage from a 'b-' to a 'c' rating, adding to the growing cautious sentiment.

Truist Financial and Evercore ISI both also reduced their price targets for EXR, to $138.00 and $145.00 respectively, each keeping a 'hold' rating. MarketBeat.com averages the various analyst recommendations, which currently results in a consensus 'Hold' rating for EXR with an average price target of $142.64.

Financials and Stock Performance

EXR stock initiated the trading session at $119.12 on Friday prior to the downgrade announcement. The company has vacillated between a 52-week low of $101.19 and a 52-week high of $170.30. With a market capitalization of $25.17 billion, a PE ratio standing at 21.90, a PEG ratio at 0.69, and a beta of 0.63, Extra Space Storage exhibits substantial market presence and stability. Financial indicators such as a quick ratio of 0.24 and a current ratio of 0.50, together with a debt-to-equity ratio of 0.70, provide insights into the company’s financial health.

Institutional Investment in EXR

Institutional investors have actively adjusted their holdings in EXR. Notable movements include First Horizon Advisors Inc. increasing its stake by a staggering 1,272.7%, Zions Bancorporation N.A. ZIONL boosting its holdings by 241.9%, and Money Concepts Capital Corp initiating a new position. EverSource Wealth Advisors LLC elevated its investment by 162.5%, while CNB Bank recently entered the fray with a brand-new stake. These shifts signal a keen ongoing interest from institutional players in the self-storage investing space.

Insider Transactions at Extra Space Storage

Insider activity often provides substantial cues about a company’s internal views. Joseph J. Bonner, a director at Extra Space Storage, sold 956 shares at an average price of $125.64, marking a transaction worth $120,111.84. Post-sale, Bonner maintains ownership of 4,504 company shares, valued approximately at $565,882.56. Such insider sales are meticulously reported to the SEC, and although comprising only 1.55% of stock, they can influence market and investor perceptions.

About EXR

Extra Space Storage Inc functions within the S&P 500 as a REIT, owning or operating over 2,438 self-storage stores across 41 states including Washington, DC. With about 1.7 million units and roughly 184.0 million square feet of rentable space, the company remains a significant player in the self-storage market.

ExtraSpaceStorage, Downgrade, Sell