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

Extra Space Storage Inc. (NYSE:EXR) saw a large drop in short interest in February. As of February 28th, there was short interest totalling 2,830,000 shares, a drop of 17.7% from the February 13th total of 3,440,000 shares. Based on an average daily volume of 1,250,000 shares, the short-interest ratio is currently 2.3 days. Currently, 1.4% of the shares of the company are sold short.

Extra Space Storage Price Performance

Extra Space Storage stock traded up $1.22 during trading on Tuesday, reaching $147.85. The company had a trading volume of 1,336,581 shares, compared to its average volume of 1,003,138. The firm’s 50-day simple moving average is $152.90 and its 200 day simple moving average is $161.80. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87. The firm has a market capitalization of $31.34 billion, a PE ratio of 38.70, a price-to-earnings-growth ratio of 7.76 and a beta of 0.90. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23.

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 net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. As a group, equities research analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders 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 annualized dividend and a yield of 4.38%. Extra Space Storage’s dividend payout ratio (DPR) is presently 160.40%.

Insider Buying and Selling

In other Extra Space Storage news, Director Joseph J. Bonner sold 672 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $149.10, for a total transaction of $100,195.20. Following the completion of the transaction, the director now directly owns 4,557 shares of the company’s stock, valued at approximately $679,448.70. This trade represents a 12.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP William N. Springer sold 1,220 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock worth $1,396,515 in the last three months. Corporate insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC boosted its stake in Extra Space Storage by 36.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 15,629 shares of the real estate investment trust’s stock worth $2,338,000 after purchasing an additional 4,183 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Extra Space Storage during the 4th quarter worth $10,158,000. Mattson Financial Services LLC boosted its stake in Extra Space Storage by 74.4% during the 4th quarter. Mattson Financial Services LLC now owns 18,044 shares of the real estate investment trust’s stock worth $2,699,000 after purchasing an additional 7,696 shares during the last quarter. Phocas Financial Corp. acquired a new position in shares of Extra Space Storage during the 4th quarter valued at about $284,000. Finally, Siemens Fonds Invest GmbH boosted its position in shares of Extra Space Storage by 3.0% during the 4th quarter. Siemens Fonds Invest GmbH now owns 2,320 shares of the real estate investment trust’s stock valued at $342,000 after acquiring an additional 68 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Wall Street Analysts Forecast Growth

EXR has been the subject of a number of recent research reports. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a report on Thursday, March 6th. Wells Fargo & Company cut their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Barclays cut their target price on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a report on Wednesday, March 12th. Finally, Royal Bank of Canada cut their target price on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and a consensus target price of $171.09.

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.