Extra Space Storage Downgraded to Sell by StockNews.com

Equities research analysts at StockNews.com have downgraded shares of Extra Space Storage (NYSE:EXR) from a "hold" rating to a "sell" rating in a recent report released on Friday.

Several other analysts have also provided updates regarding the stock. On February 21st, Wells Fargo & Company lowered their target price from $170.00 to $165.00 while maintaining an "equal weight" rating. Similarly, on February 27th, Royal Bank of Canada decreased their target price from $167.00 to $163.00 and reaffirmed a "sector perform" rating. Scotiabank followed suit by reducing their target price from $167.00 to $165.00, also setting a "sector perform" rating.

Barclays trimmed their target price from $192.00 to $184.00 while keeping an "overweight" rating in a report dated January 13th. Notably, Truist Financial raised their price target slightly from $167.00 to $168.00 while assigning a "hold" rating, as stated in their report on December 5th. Overall, two analysts have issued sell ratings, six have assigned holds, and four analysts rated the stock as a buy. The consensus rating for Extra Space Storage, according to MarketBeat.com, stands at "Hold," with an average target price of $171.36.

Extra Space Storage Price Performance

On Friday, during midday trading, shares of Extra Space Storage increased by $2.06, reaching $157.11. The volume of shares traded was 1,807,243, surpassing the typical trading volume of 1,354,380 shares. The company has a current ratio and a quick ratio both at 0.23, with a debt-to-equity ratio of 0.77. Its market capitalization is estimated at $33.31 billion, with a price-to-earnings ratio of 41.13 and a PEG ratio of 7.76. Additionally, Extra Space Storage has recorded a 52-week low of $131.02 and a high of $184.87. The stock's 50-day simple moving average is $152.91, while the 200-day simple moving average is $163.07.

Extra Space Storage last reported its earnings on February 25th, revealing a remarkable earnings per share (EPS) of $2.03 for the quarter, significantly exceeding analysts' expectations of $1.10 by $0.93. The company's revenue for this quarter was $821.90 million, far above the anticipated $707.34 million. The net margin stood at 25.35%, with a return on equity of 5.51%. Analysts forecast that Extra Space Storage will report an EPS of 8.1 for the current fiscal year.

Insider Buying and Selling at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares on February 28th, at an average price of $152.66, leading to a total sale of $186,245.20. After this transaction, Springer now owns 20,158 shares valued at approximately $3,077,320.28, representing a 5.71% decrease in ownership. This transaction has been formally disclosed with the Securities & Exchange Commission.

Additionally, CEO Joseph D. Margolis disposed of 7,500 shares on January 2nd at an average price of $148.01, amounting to $1,110,075.00. Following the transaction, Margolis retains 16,690 shares valued at about $2,470,286.90, reflecting a 31.00% reduction in their stake. This disclosure is available through legal filings.

Institutional Inflows and Outflows

Recently, hedge funds and institutional investors have made several adjustments to their holdings in Extra Space Storage. Tidal Investments LLC has increased its ownership by 34.4% in the third quarter, now possessing 12,640 shares valued at $2,278,000 after acquiring an additional 3,234 shares. Swedbank AB raised its stake by 4.5%, owning 243,130 shares valued at $43,810,000 post an acquisition of 10,408 shares.

In a notable move, UBS Asset Management Americas LLC increased its stake by a significant 724.1%, owning 1,981,799 shares valued at $357,100,000 after buying 1,741,320 additional shares. Similarly, Duff & Phelps Investment Management Co. raised its position by 9.5%, now holding 35,503 shares worth $6,397,000 following an increase of 3,093 shares. Lastly, Brown Financial Advisors grew its stake by 69.1%, resulting in ownership of 9,134 shares valued at $1,646,000 after acquiring an extra 3,731 shares. A substantial 99.11% of Extra Space Storage's stock is owned by institutional investors.

Extra Space Storage Company Profile

Extra Space Storage Inc, based in Salt Lake City, Utah, operates as a self-managed and self-administered Real Estate Investment Trust (REIT) and is part of the S&P 500. As of December 31, 2023, the company owns and operates 3,714 self-storage facilities across 42 states and Washington, D.C. The company’s properties encompass approximately 2.6 million units and around 283.0 million square feet of rentable space, operating under the Extra Space, Life Storage, and Storage Express brands.

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