Wells Fargo Reduces Price Target for Extra Space Storage

Wells Fargo & Company has recently lowered its target price for Extra Space Storage (NYSE:EXR) from $170.00 to $165.00. This information was shared in a research report released to clients and investors on Friday. The firm has placed an "equal weight" rating on the stock, indicating a neutral outlook. This new target price suggests a potential upside of approximately 5.91% based on the stock's previous closing price.

Besides Wells Fargo, other research firms have also provided updates regarding Extra Space Storage. Scotiabank upgraded its rating on Extra Space Storage from "sector underperform" to "sector perform," establishing a price target of $167.00 in their report. StockNews.com made a similar move by upgrading their rating from "sell" to "hold." Barclays, however, reduced their price target significantly from $192.00 to $184.00 while maintaining an "overweight" rating. Truist Financial also adjusted their price objective slightly upward from $167.00 to $168.00, giving it a "hold" rating.

The overall analyst consensus shows mixed opinions, with one analyst rating the stock as a sell, seven issuing a hold rating, and four granting a buy rating. As per the latest data from MarketBeat.com, Extra Space Storage holds an average rating of "Hold" alongside a consensus price target of $173.09.

Current Trading Status

As of last Friday, Extra Space Storage shares opened at $155.80. The company has a market capitalization of $33.03 billion and exhibits a debt-to-equity ratio of 0.77. It also has both a quick ratio and current ratio of 0.23. Over the past 52 weeks, the stock has reached a low of $131.02 and a high of $184.87. Its PE ratio stands at 40.74, and the price-to-earnings-growth ratio is noted at 7.65.

Insider Transactions

In related news, on January 2nd, CEO Joseph D. Margolis sold 7,500 shares at an average price of $148.01, totaling around $1,110,075.00. Following this transaction, he retains ownership of 16,690 shares, valued at approximately $2,470,286.90, which is a 31.00% decrease in his position. This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC). Currently, insiders hold about 1.36% of the company's stock.

Institutional Investor Activities

Several institutional investors have modified their positions in Extra Space Storage recently. Golden State Wealth Management LLC acquired a new stake worth approximately $25,000 in the fourth quarter. Harbour Investments Inc. expanded its position by 90.9%, owning 168 shares valued at around $25,000 after acquiring an additional 80 shares. Ashton Thomas Securities LLC and Harvest Fund Management Co. Ltd also made new investments during the recent quarters. In total, institutional investors possess about 99.11% of the company's stock.

About Extra Space Storage

Headquartered in Salt Lake City, Utah, Extra Space Storage Inc. is a self-administered and self-managed REIT, also a member of the S&P 500. As of December 31, 2023, the company owned and operated 3,714 self-storage facilities across 42 states and Washington, D.C. The company’s stores span approximately 2.6 million storage units, encompassing around 283.0 million square feet of rentable space under the Extra Space, Life Storage, and Storage Express brands.

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