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

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 4,080,000 shares, an increase of 44.2% from the February 28th total of 2,830,000 shares. Based on an average trading volume of 1,330,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 2.0% of the company’s stock are short sold.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded down $0.68 during midday trading on Tuesday, hitting $147.81. 829,955 shares of the stock traded hands, compared to its average volume of 1,051,614. The firm has a market capitalization of $31.34 billion, a P/E ratio of 38.69, a PEG ratio of 7.76 and a beta of 0.90. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a 50-day moving average of $152.29 and a two-hundred day moving average of $159.69.

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

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.38%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s dividend payout ratio is presently 160.40%.

Wall Street Analyst Weigh In

EXR has been the subject of several recent analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Friday, March 7th. Truist Financial lifted their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Royal Bank of Canada dropped their price target on Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Finally, Wells Fargo & Company reduced their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $171.09.

Insider Transactions at Extra Space Storage

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

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently bought and sold shares of EXR. Tidal Investments LLC raised its stake in shares of Extra Space Storage by 34.4% in the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock worth $2,278,000 after buying an additional 3,234 shares during the period. Duff & Phelps Investment Management Co. boosted its position in shares of Extra Space Storage by 9.5% in the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock worth $6,397,000 after purchasing an additional 3,093 shares during the period. Brown Financial Advisors raised its position in shares of Extra Space Storage by 69.1% during the 3rd quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock valued at $1,646,000 after purchasing an additional 3,731 shares during the period. Manning & Napier Advisors LLC lifted its stake in shares of Extra Space Storage by 1,127.2% during the 4th quarter. Manning & Napier Advisors LLC now owns 781,986 shares of the real estate investment trust’s stock valued at $116,985,000 after buying an additional 718,266 shares in the last quarter. Finally, Vert Asset Management LLC boosted its stake in shares of Extra Space Storage by 8.0% in the fourth quarter. Vert Asset Management LLC now owns 93,473 shares of the real estate investment trust’s stock worth $13,984,000 after acquiring an additional 6,910 shares during the period. 99.11% of the stock is owned by institutional investors.

Extra Space Storage Company Profile

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.