Extra Space Storage EXR Receives Downgrade to 'Sell' Amidst Broader Analyst Sentiment

Extra Space Storage Inc. EXR, a real estate investment trust specialized in self-storage units, faced a downgrade by StockNews.com. On Saturday, analysts shifted their position on EXR from 'hold' to 'sell', indicating a potential decline in the stock's future performance.

Analyst Ratings Overview

Recently, EXR has been the subject of various analyst assessments. Bank of America downgraded Extra Space Storage from a 'buy' to a 'neutral' rating, accompanying this shift with a decrease in the target price from $155.00 to $119.00. Similarly, Citigroup adjusted its target price from $160.00 to $135.00, maintaining a 'neutral' stance on the stock.

Adding to the downward trend, TheStreet adjusted its rating for EXR from 'b-' to 'c'. Furthermore, Truist Financial adjusted its price target to $138.00 from an earlier $155.00 target, but opted to maintain a 'hold' rating. Evercore ISI followed suit, slicing their target from $147.00 to $145.00 and retaining an 'in-line' rating. Amidst these reviews, the aggregate consensus on MarketBeat.com suggests a 'Hold' rating for EXR, with an average price target of $142.64.

Market Performance of EXR

The trading price for EXR commenced at $119.12 on the preceding Friday, bracketed by a 52-week low of $101.19 and a high of $170.30. The market capitalization stood at $25.17 billion, supported by a P/E ratio of 21.90. The REIT displayed a debt-to-equity ratio of 0.70, with liquidity ratios indicating a quick ratio of 0.24 and a current ratio of 0.50.

Insider Transactions at EXR

In related news, Director Joseph J. Bonner dispensed 956 shares at an average price of $125.64, accumulating a total sale value of $120,111.84. This action followed with Bonner's direct ownership tallying at 4,504 company shares, estimated at approximately $565,882.56. Insiders possess about 1.55% of EXR's stocks.

Institutional Engagement

Numerous institutional investors have either raised or opened new positions in EXR. For instance, First Horizon Advisors Inc. increased its holdings by 1,272.7%, while Zions Bancorporation N.A. ZIONL saw a 241.9% uplift in its stake. Other entities like Money Concepts Capital Corp and EverSource Wealth Advisors LLC reported new acquisitions and substantial increases in their respective shares of EXR. Overall, institutional investors account for 66.40% of EXR's shares.

Company Profile

EXR, with headquarters in Cottonwood Heights, Utah, is both self-administered and self-managed. The REIT is a notable component of the S&P 500 and presently operates 2,438 self-storage properties across numerous states and Washington, D.C., comprising around 1.7 million units and about 184.0 million square feet of rentable space.

EXR, Downgrade, Sell