Extra Space Storage Shares Downgraded by StockNews.com to Sell

Extra Space Storage (NYSE:EXR) has recently faced a downgrade from analysts at StockNews.com, moving from a "hold" rating to a "sell" rating in a report published on Friday.

A few other investment analysts have also provided recent insights on Extra Space Storage. For instance, Wells Fargo & Company lowered their target price for the shares from $170.00 to $165.00 while maintaining an "equal weight" rating in a report released on February 21st. Royal Bank of Canada adjusted their target from $167.00 down to $163.00, giving a "sector perform" rating in a report dated February 27th. Similarly, Scotiabank revised their target price from $167.00 to $165.00 with a "sector perform" rating as well. Barclays also decreased their target from $192.00 to $184.00 while retaining an "overweight" rating as reported on January 13th. In contrast, Truist Financial increased their price target slightly from $167.00 to $168.00 while still issuing a "hold" rating as of December 5th. Overall, the consensus among analysts shows two sell ratings, six hold ratings, and four buy ratings assigned to the stock. As per MarketBeat.com, Extra Space Storage has a consensus rating of "Hold" along with a consensus target price of $171.36.

Performance of Extra Space Storage

On Friday, Extra Space Storage shares saw an increase of $2.06 to reach a trading price of $157.11. The volume of shares traded during midday was 1,807,243, surpassing the average volume of 1,354,380. The company presents a current ratio of 0.23 and a quick ratio of 0.23, with a debt-to-equity ratio of 0.77. The market capitalization stands at $33.31 billion, with a price-to-earnings ratio of 41.13 and a PEG ratio of 7.76. The stock has a 52-week range, hitting a low of $131.02 and a high of $184.87, while its 50-day simple moving average is $152.91 and its 200-day average is $163.07.

In their latest earnings report, issued on February 25th, the company announced an earnings per share (EPS) of $2.03 for the quarter, significantly surpassing analysts' expectations of $1.10 by $0.93. The revenue reported was $821.90 million, exceeding the forecast of $707.34 million. The net profit margin for Extra Space Storage is reported at 25.35%, and they have a return on equity of 5.51%. Analysts predict that the company will report approximately 8.1 earnings per share for the current fiscal year.

Insider Activity at Extra Space Storage

In other news regarding Extra Space Storage, Executive Vice President William N. Springer sold 1,220 shares of stock on February 28th at an average price of $152.66, totaling $186,245.20. Following this transaction, he now holds 20,158 shares valued at approximately $3,077,320.28, representing a 5.71% decrease in his ownership stake. This sale has been reported to the Securities & Exchange Commission. Additionally, CEO Joseph D. Margolis sold 7,500 shares of the firm on January 2nd at an average price of $148.01, amounting to $1,110,075.00. After this transaction, he owns 16,690 shares valued at around $2,470,286.90, which is a 31% decrease in his holdings. Company insiders together own 1.36% of Extra Space Storage's shares.

Institutional Investment Changes

Recently, hedge funds and institutional investors have made various adjustments to their positions in Extra Space Storage. Tidal Investments LLC increased its stake by 34.4% during the third quarter, now holding 12,640 shares valued at $2,278,000 after buying an additional 3,234 shares. Similarly, Swedbank AB raised its stake by 4.5%, owning 243,130 shares valued at $43,810,000 after acquiring 10,408 shares in the third quarter. Notably, UBS Asset Management Americas LLC significantly boosted its position by 724.1%, now holding 1,981,799 shares valued at $357,100,000 after an additional purchase of 1,741,320 shares. Moreover, Duff & Phelps Investment Management Co. improved their stake by 9.5%, now owning 35,503 shares valued at $6,397,000. Finally, Brown Financial Advisors raised their stake by 69.1% in the third quarter, now owning 9,134 shares valued at $1,646,000. Currently, institutional investors hold 99.11% of the company's stock.

About Extra Space Storage

Extra Space Storage Inc, based in Salt Lake City, Utah, operates as a self-administered and self-managed real estate investment trust (REIT) and is a member of the S&P 500. As of December 31, 2023, the company owned and/or managed 3,714 self-storage facilities located in 42 states and Washington, DC, comprising approximately 2.6 million units and 283 million square feet of rentable space under the Extra Space, Life Storage, and Storage Express brands.

storage, downgrade, investment