Extra Space Storage (NYSE:EXR) Given New $163.00 Price Target at Royal Bank of Canada

Extra Space Storage (NYSE:EXR) had its price objective dropped by Royal Bank of Canada from $167.00 to $163.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective points to a potential upside of 6.98% from the stock’s current price.

Other equities analysts have also issued reports about the stock. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Wells Fargo & Company reduced their price objective on 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. Barclays dropped their target price on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a research report on Friday, January 10th. Finally, Truist Financial lifted their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $171.55.

Extra Space Storage Trading Down 0.7 %

NYSE EXR opened at $152.36 on Thursday. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a market cap of $32.30 billion, a P/E ratio of 39.88, a P/E/G ratio of 7.76 and a beta of 0.91. The stock’s 50-day moving average is $152.27 and its 200-day moving average is $163.47.

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

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.36% of the stock is owned by company insiders.

Institutional Trading of Extra Space Storage

Several institutional investors and hedge funds have recently bought and sold shares of EXR. Tidal Investments LLC lifted its holdings in Extra Space Storage by 34.4% during the 3rd quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock valued at $2,278,000 after purchasing an additional 3,234 shares during the last quarter. Swedbank AB raised its position in shares of Extra Space Storage by 4.5% in the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after purchasing an additional 10,408 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Extra Space Storage by 724.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after buying an additional 1,741,320 shares during the last quarter. Duff & Phelps Investment Management Co. boosted its holdings in shares of Extra Space Storage by 9.5% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock worth $6,397,000 after buying an additional 3,093 shares during the period. Finally, Brown Financial Advisors boosted its holdings in shares of Extra Space Storage by 69.1% during the 3rd quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock worth $1,646,000 after buying an additional 3,731 shares during the period. Institutional investors 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.