Extra Space Storage (NYSE:EXR) Stock Price Target Raised at Truist Financial

Extra Space Storage (NYSE:EXR) had its price objective lifted by analysts at Truist Financial from $147.00 to $172.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial‘s target price would suggest a potential upside of 8.48% from the stock’s previous close.

Several other analysts also recently weighed in on EXR. Evercore lifted their target price on shares of Extra Space Storage from $142.00 to $146.00 in a report on Wednesday, October 28th. BMO Capital Markets upgraded Extra Space Storage from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $160.00 to $170.00 in a research note on Thursday, August 27th. JPMorgan Chase & Co. decreased their price target on Extra Space Storage from $157.00 to $153.00 and set a “neutral” rating on the stock in a research note on Monday, September 21st. Jefferies Financial Group lowered their price target on Extra Space Storage from $165.00 to $151.00 in a research report on Monday, October 12th. Finally, Wells Fargo & Company dropped their price objective on Extra Space Storage from $158.00 to $157.00 and set an “overweight” rating for the company in a research note on Tuesday, September 1st. Eight investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $158.31.

Extra Space Storage Trading Down 0.4%

EXR stock traded down $0.66 during mid-day trading on Thursday, hitting $158.55. 301,889 shares of the company were exchanged, compared to its average volume of 1,276,725. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $33.09 billion, a P/E ratio of 32.23, a PEG ratio of 4.39 and a beta of 1.07. The business has a fifty day simple moving average of $140.98 and a 200-day simple moving average of $142.92. Extra Space Storage has a 12-month low of $125.71 and a 12-month high of $163.18.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.93). Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The company had revenue of $889.79 million for the quarter, compared to analyst estimates of $886.61 million. During the same quarter in the prior year, the business earned $2.08 earnings per share. Extra Space Storage’s revenue was up 3.6% on a year-over-year basis. On average, equities research analysts predict that Extra Space Storage will post 8.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Extra Space Storage

Institutional investors have recently modified their holdings of the business. Raiffeisen Bank International AG raised its stake in shares of Extra Space Storage by 82.4% in the second quarter. Raiffeisen Bank International AG now owns 186 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 84 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Extra Space Storage during the 1st quarter worth $30,000. Security National Bank of SO Dak acquired a new position in Extra Space Storage during the 2nd quarter worth $34,000. CoreCap Advisors LLC grew its stake in Extra Space Storage by 975.0% during the 2nd quarter. CoreCap Advisors LLC now owns 258 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 234 shares in the last quarter. Finally, GW&K Investment Management LLC increased its holdings in Extra Space Storage by 108.5% during the 3rd quarter. GW&K Investment Management LLC now owns 319 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 166 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

About Extra Space Storage

Extra Space Storage Inc. is a real estate investment trust (REIT) focused on self-storage. The company owns and operates facilities that rent storage units to individuals and businesses for personal and commercial use. In addition to operating its own properties, Extra Space manages self-storage facilities for third-party owners and offers related services, including tenant insurance. Its facilities serve customers across the United States. Founded in 1977 and headquartered in Salt Lake City, Utah, Extra Space expanded its national platform through acquisitions, including its 2023 merger with Life Storage.