StockNews.com Downgrades Extra Space Storage (NYSE:EXR) to Sell

Extra Space Storage (NYSE:EXR) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Friday.

Several other brokerages have also issued reports on EXR. Scotiabank dropped their target price on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research report on Wednesday. Wells Fargo & Company dropped their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Truist Financial lifted their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Royal Bank of Canada dropped their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Finally, Barclays lowered their price objective on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $171.36.

Extra Space Storage Price Performance

EXR stock opened at $157.11 on Friday. The firm has a 50 day moving average of $152.91 and a 200-day moving average of $163.02. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 12 month low of $131.02 and a 12 month high of $184.87. The firm has a market capitalization of $33.31 billion, a P/E ratio of 41.13, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $821.90 million during the quarter, compared to analyst estimates of $707.34 million. As a group, sell-side analysts predict that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the transaction, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP William N. Springer sold 1,220 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EXR. Farther Finance Advisors LLC increased its position in Extra Space Storage by 39.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,277 shares of the real estate investment trust’s stock valued at $230,000 after purchasing an additional 362 shares during the period. QRG Capital Management Inc. increased its position in Extra Space Storage by 35.6% during the 3rd quarter. QRG Capital Management Inc. now owns 2,769 shares of the real estate investment trust’s stock valued at $499,000 after purchasing an additional 727 shares during the period. Concurrent Investment Advisors LLC purchased a new position in Extra Space Storage during the 3rd quarter valued at $221,000. M&G PLC purchased a new position in Extra Space Storage during the 3rd quarter valued at $210,000. Finally, Graypoint LLC grew its position in shares of Extra Space Storage by 4.3% in the 3rd quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock worth $284,000 after buying an additional 65 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.