Wells Fargo & Company Has Lowered Expectations for Extra Space Storage (NYSE:EXR) Stock Price

Extra Space Storage (NYSE:EXR) had its price objective dropped by stock analysts at Wells Fargo & Company from $170.00 to $165.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price points to a potential upside of 5.91% from the stock’s previous close.

A number of other research firms have also weighed in on EXR. Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a research report on Friday, January 10th. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Barclays cut their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Finally, Truist Financial raised their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $173.09.

Extra Space Storage Trading Down 0.1 %

Shares of Extra Space Storage stock opened at $155.80 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. Extra Space Storage has a 52 week low of $131.02 and a 52 week high of $184.87. The stock has a market capitalization of $33.03 billion, a PE ratio of 40.74, a price-to-earnings-growth ratio of 7.65 and a beta of 0.91. The stock has a 50 day moving average price of $151.71 and a two-hundred day moving average price of $163.79.

Insider Activity

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares of the company’s stock, valued at $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of EXR. Golden State Wealth Management LLC bought a new stake in shares of Extra Space Storage in the 4th quarter worth approximately $25,000. Harbour Investments Inc. increased its stake in Extra Space Storage by 90.9% during the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 80 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in Extra Space Storage in the third quarter worth about $33,000. Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage in the third quarter worth about $42,000. Finally, Continuum Advisory LLC boosted its stake in 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 valued at $56,000 after purchasing an additional 126 shares during the last quarter. Hedge funds and other 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.