Extra Space Storage (NYSE:EXR) Raised to “Buy” at Jefferies Financial Group

Extra Space Storage (NYSE:EXR) was upgraded by analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Wednesday, FinViz reports. The brokerage currently has a $204.00 price target on the real estate investment trust’s stock, up from their prior price target of $162.00. Jefferies Financial Group’s price objective would indicate a potential upside of 13.95% from the stock’s previous close.

Several other research firms have also recently commented on EXR. Truist Financial boosted their target price on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research note on Friday, August 16th. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Wells Fargo & Company increased 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. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Finally, KeyCorp upped their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $170.93.

Extra Space Storage Stock Up 0.8 %

Shares of Extra Space Storage stock opened at $179.02 on Wednesday. The company has a market capitalization of $37.90 billion, a P/E ratio of 39.87, a price-to-earnings-growth ratio of 2.56 and a beta of 0.86. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $179.42. The business has a 50-day moving average of $168.68 and a two-hundred day moving average of $154.08. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares in the company, valued at $2,089,758.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on 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 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 18,970 shares of company stock valued at $3,172,757 over the last three months. 1.36% of the stock is owned by corporate insiders.

Institutional Trading of Extra Space Storage

Hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP bought a new stake in Extra Space Storage during the fourth quarter valued at about $3,304,000. State of Tennessee Treasury Department raised its holdings in shares of Extra Space Storage by 252.1% in the fourth quarter. State of Tennessee Treasury Department now owns 114,819 shares of the real estate investment trust’s stock worth $18,409,000 after buying an additional 82,207 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in Extra Space Storage by 19.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,203 shares of the real estate investment trust’s stock worth $36,307,000 after purchasing an additional 40,055 shares in the last quarter. Norden Group LLC bought a new position in Extra Space Storage in the first quarter worth approximately $1,947,000. Finally, Gateway Investment Advisers LLC bought a new position in Extra Space Storage in the second quarter worth approximately $16,026,000. Hedge funds and other 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.