Extra Space Storage Inc. (NYSE:EXR) Short Interest Update

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 2,830,000 shares, a decline of 17.7% from the February 13th total of 3,440,000 shares. Based on an average trading volume of 1,250,000 shares, the days-to-cover ratio is presently 2.3 days. Currently, 1.4% of the company’s shares are sold short.

Extra Space Storage Stock Up 0.8 %

Shares of EXR stock traded up $1.22 during trading hours on Tuesday, reaching $147.85. 1,336,581 shares of the stock were exchanged, compared to its average volume of 1,003,138. The business’s fifty day moving average is $152.90 and its two-hundred day moving average is $161.80. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87. The firm has a market capitalization of $31.34 billion, a P/E ratio of 38.70, a P/E/G ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. As a group, research analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.38%. Extra Space Storage’s payout ratio is 160.40%.

Insider Activity

In related news, Director Joseph J. Bonner sold 672 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. The trade was a 12.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,392 shares of company stock valued at $1,396,515. 1.36% of the stock is currently owned by insiders.

Institutional Trading of Extra Space Storage

Large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Extra Space Storage in the fourth quarter valued at approximately $938,647,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after purchasing an additional 1,741,320 shares in the last quarter. Northern Trust Corp boosted its holdings in Extra Space Storage by 48.7% in the fourth quarter. Northern Trust Corp now owns 2,875,049 shares of the real estate investment trust’s stock valued at $430,107,000 after purchasing an additional 941,212 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in Extra Space Storage in the fourth quarter valued at approximately $107,453,000. Finally, Manning & Napier Advisors LLC boosted its holdings in Extra Space Storage by 1,127.2% in the fourth quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock valued at $116,985,000 after purchasing an additional 718,266 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EXR. Scotiabank reduced their price objective on shares of Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Wells Fargo & Company cut 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 research note on Friday, February 21st. Finally, Barclays cut their price target on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus target price of $171.09.

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.