Scotiabank Increases Extra Space Storage (NYSE:EXR) Price Target to $169.00

Extra Space Storage (NYSE:EXR) had its target price upped by equities researchers at Scotiabank from $159.00 to $169.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “sector underperform” rating on the real estate investment trust’s stock. Scotiabank’s target price indicates a potential downside of 2.32% from the stock’s previous close.

A number of other equities analysts have also issued reports on EXR. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Bank of America downgraded shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Barclays lifted their price target on shares of Extra Space Storage from $158.00 to $188.00 and gave the company an “overweight” rating in a research report on Thursday. Truist Financial lifted their price target on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Finally, Evercore ISI lifted their price target on shares of Extra Space Storage from $140.00 to $151.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $165.25.

Extra Space Storage Stock Performance

Shares of EXR traded up $2.00 during midday trading on Thursday, reaching $173.02. 214,720 shares of the stock were exchanged, compared to its average volume of 1,055,771. The business’s 50-day moving average price is $160.99 and its 200 day moving average price is $149.32. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.15. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $173.80. The company has a market capitalization of $36.63 billion, a price-to-earnings ratio of 38.53, a PEG ratio of 3.37 and a beta of 0.83.

Insider Activity

In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now owns 5,229 shares in the company, valued at $775,042.38. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the sale, the director now owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Extra Space Storage by 0.5% during the first quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock worth $4,951,899,000 after purchasing an additional 170,380 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Extra Space Storage by 8.9% during the fourth quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock worth $1,135,738,000 after purchasing an additional 577,918 shares during the last quarter. Norges Bank acquired a new position in Extra Space Storage during the fourth quarter worth $1,022,811,000. Massachusetts Financial Services Co. MA boosted its holdings in Extra Space Storage by 4.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock worth $551,586,000 after purchasing an additional 157,763 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Extra Space Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after acquiring an additional 45,717 shares during the last quarter. 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.