Extra Space Storage (NYSE:EXR) Price Target Raised to $162.00 at JPMorgan Chase & Co.

Extra Space Storage (NYSE:EXR) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $160.00 to $162.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 8.38% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Benchmark dropped their target price on shares of Extra Space Storage from $61.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Barclays reduced their target price on Extra Space Storage from $181.00 to $178.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. Evercore ISI increased their target price on Extra Space Storage from $144.00 to $149.00 and gave the company an “in-line” rating in a research note on Thursday, May 1st. Finally, Royal Bank of Canada reduced their price objective on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 1st. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $159.54.

Extra Space Storage Stock Performance

NYSE EXR opened at $149.47 on Friday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $31.72 billion, a price-to-earnings ratio of 39.13, a P/E/G ratio of 7.76 and a beta of 1.11. The firm’s 50 day simple moving average is $145.26 and its 200 day simple moving average is $149.73. Extra Space Storage has a 1 year low of $121.03 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.04. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same quarter last year, the firm earned $1.96 earnings per share. Extra Space Storage’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, research analysts expect that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the transaction, the chief executive officer now directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. The trade was a 44.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC increased its stake in Extra Space Storage by 8.2% during the 4th quarter. Empowered Funds LLC now owns 4,251 shares of the real estate investment trust’s stock worth $636,000 after buying an additional 323 shares during the period. Savant Capital LLC grew its holdings in Extra Space Storage by 1.9% during the 4th quarter. Savant Capital LLC now owns 5,157 shares of the real estate investment trust’s stock worth $771,000 after acquiring an additional 94 shares in the last quarter. Quent Capital LLC grew its holdings in Extra Space Storage by 89.0% during the 4th quarter. Quent Capital LLC now owns 327 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 154 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in Extra Space Storage by 3.1% during the 4th quarter. Asset Management One Co. Ltd. now owns 399,138 shares of the real estate investment trust’s stock worth $59,108,000 after acquiring an additional 11,875 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its holdings in Extra Space Storage by 11.5% during the 4th quarter. V Square Quantitative Management LLC now owns 2,636 shares of the real estate investment trust’s stock worth $394,000 after acquiring an additional 272 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.