Extra Space Storage Inc. (NYSE:EXR) Sees Significant Increase in Short Interest

Extra Space Storage Inc. (NYSE:EXR) saw a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 3,960,000 shares, an increase of 6.5% from the October 31st total of 3,720,000 shares. Based on an average trading volume of 968,300 shares, the short-interest ratio is currently 4.1 days.

Extra Space Storage Trading Down 2.2 %

EXR traded down $3.70 on Tuesday, hitting $166.03. The company had a trading volume of 197,600 shares, compared to its average volume of 1,024,249. The company has a market cap of $35.20 billion, a PE ratio of 44.41, a PEG ratio of 8.60 and a beta of 0.89. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The business’s fifty day simple moving average is $169.37 and its 200 day simple moving average is $164.64. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.02 EPS. Equities research analysts expect that Extra Space Storage will post 8.09 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.90%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Analyst Upgrades and Downgrades

EXR has been the subject of several research reports. Evercore ISI dropped their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $172.00 to $155.00 in a report on Monday, August 5th. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price objective for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Barclays lifted their price target on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, KeyCorp increased their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $171.36.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,228 shares of company stock valued at $3,023,957. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Hedge funds and other institutional investors have recently bought and sold shares of the business. EdgeRock Capital LLC acquired a new position in Extra Space Storage during the second quarter worth $25,000. Centerpoint Advisors LLC purchased a new stake in Extra Space Storage during the 2nd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Extra Space Storage during the third quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Extra Space Storage in the third quarter valued at approximately $42,000. Finally, Blue Trust Inc. boosted its stake in shares of Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.