Extra Space Storage Inc. (NYSE:EXR) Short Interest Up 5.5% in December

Extra Space Storage Inc. (NYSE:EXR) saw a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 3,830,000 shares, an increase of 5.5% from the November 30th total of 3,630,000 shares. Based on an average daily volume of 976,600 shares, the short-interest ratio is presently 3.9 days.

Extra Space Storage Stock Performance

Extra Space Storage stock opened at $149.60 on Thursday. The firm has a market capitalization of $31.71 billion, a P/E ratio of 39.16, a P/E/G ratio of 8.03 and a beta of 0.89. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a fifty day moving average price of $161.16 and a two-hundred day moving average price of $165.57. Extra Space Storage has a 52-week low of $131.02 and a 52-week high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.02 EPS. As a group, analysts anticipate that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.33%. The ex-dividend date was Monday, December 16th. Extra Space Storage’s payout ratio is presently 169.63%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EXR. KeyCorp increased their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Monday, September 9th. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Barclays boosted their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Evercore ISI cut their price objective on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Finally, StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $173.08.

Insider Buying and Selling at Extra Space Storage

In related news, Director Diane Olmstead sold 3,081 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Large investors have recently modified their holdings of the stock. Rothschild Investment LLC acquired a new position in shares of Extra Space Storage during the second quarter valued at $85,000. Graypoint LLC acquired a new stake in shares of Extra Space Storage during the 2nd quarter worth approximately $235,000. Aptus Capital Advisors LLC lifted its holdings in Extra Space Storage by 7.4% in the second quarter. Aptus Capital Advisors LLC now owns 1,488 shares of the real estate investment trust’s stock valued at $231,000 after buying an additional 102 shares during the period. Natixis Advisors LLC grew its holdings in Extra Space Storage by 35.0% during the 2nd quarter. Natixis Advisors LLC now owns 106,593 shares of the real estate investment trust’s stock worth $16,566,000 after acquiring an additional 27,618 shares during the period. Finally, Stiles Financial Services Inc acquired a new position in shares of Extra Space Storage in the 2nd quarter valued at $230,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.