Extra Space Storage (NYSE:EXR) Coverage Initiated by Analysts at Mizuho

Mizuho assumed coverage on shares of Extra Space Storage (NYSE:EXR) in a research note issued on Wednesday,Benzinga reports. The firm set an “outperform” rating and a $141.00 price target on the real estate investment trust’s stock. Mizuho’s price target would suggest a potential upside of 7.19% from the company’s current price.

Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Scotiabank upgraded shares of Extra Space Storage from a “sector perform” rating to a “sector outperform” rating and dropped their target price for the company from $165.00 to $149.00 in a report on Wednesday. Barclays decreased their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Finally, Royal Bank of Canada decreased their target price on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $167.25.

Extra Space Storage Stock Performance

NYSE EXR opened at $131.55 on Wednesday. The company has a market capitalization of $27.92 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 7.76 and a beta of 0.96. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87. The stock has a fifty day simple moving average of $148.99 and a 200 day simple moving average of $156.95.

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

Insider Buying and Selling

In other news, EVP William N. Springer sold 1,220 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the transaction, the chief executive officer now owns 9,190 shares in the company, valued at $1,355,065.50. This represents a 44.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,392 shares of company stock worth $1,392,315 in the last ninety days. Corporate insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Several institutional investors have recently bought and sold shares of the stock. Walleye Capital LLC raised its holdings in shares of Extra Space Storage by 174.8% in the third quarter. Walleye Capital LLC now owns 1,280 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 2,992 shares during the last quarter. MML Investors Services LLC grew its position in Extra Space Storage by 12.6% in the 3rd quarter. MML Investors Services LLC now owns 5,994 shares of the real estate investment trust’s stock worth $1,080,000 after purchasing an additional 672 shares in the last quarter. Y Intercept Hong Kong Ltd increased its stake in Extra Space Storage by 8.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 6,868 shares of the real estate investment trust’s stock valued at $1,238,000 after buying an additional 557 shares during the last quarter. Continuum Advisory LLC lifted its position in shares of Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 126 shares in the last quarter. Finally, Coldstream Capital Management Inc. lifted its position in shares of Extra Space Storage by 8.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,905 shares of the real estate investment trust’s stock worth $699,000 after buying an additional 320 shares in 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.