Evercore ISI Increases Extra Space Storage (NYSE:EXR) Price Target to $170.00

Extra Space Storage (NYSE:EXR) had its price target raised by Evercore ISI from $167.00 to $170.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target would suggest a potential downside of 4.00% from the stock’s current price.

Several other equities research analysts have also issued reports on EXR. Citigroup decreased their price target on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, June 7th. Truist Financial raised 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 note on Friday, August 16th. Wells Fargo & Company boosted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Raymond James upped their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Scotiabank upped their target price on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and an average target price of $168.57.

Extra Space Storage Price Performance

NYSE EXR traded up $0.80 on Monday, hitting $177.08. 195,998 shares of the company’s stock were exchanged, compared to its average volume of 1,029,556. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76. Extra Space Storage has a 52 week low of $101.19 and a 52 week high of $179.23. The stock has a market cap of $37.49 billion, a price-to-earnings ratio of 39.48, a P/E/G ratio of 2.56 and a beta of 0.86. The stock has a 50-day moving average of $167.71 and a 200-day moving average of $153.58.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total transaction of $499,699.23. Following the transaction, the executive vice president now directly owns 32,855 shares of the company’s stock, valued at $5,815,663.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the transaction, 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. Insiders have sold 12,323 shares of company stock worth $1,994,709 over the last 90 days. 1.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EXR. Vanguard Group Inc. lifted its holdings in shares of Extra Space Storage by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after buying an additional 170,380 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Extra Space Storage by 4.7% in 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. Dimensional Fund Advisors LP boosted its position 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 worth $485,973,000 after purchasing an additional 45,717 shares during the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Extra Space Storage by 7.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock valued at $460,890,000 after purchasing an additional 198,888 shares during the last quarter. Finally, Centersquare Investment Management LLC increased its position in shares of Extra Space Storage by 1.3% during the 1st quarter. Centersquare Investment Management LLC now owns 2,546,475 shares of the real estate investment trust’s stock valued at $341,941,000 after purchasing an additional 32,591 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.