Short Interest in Extra Space Storage Inc. (NYSE:EXR) Drops By 17.7%

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 2,830,000 shares, a decrease 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 days-to-cover ratio is presently 2.3 days. Currently, 1.4% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of research analysts have issued reports on EXR shares. Barclays reduced their price target on Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. Royal Bank of Canada reduced their target price on 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. StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Friday, March 7th. Wells Fargo & Company dropped their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Finally, Truist Financial boosted 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. 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 stock currently has an average rating of “Hold” and a consensus price target of $171.09.

Insider Activity at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $152.66, for a total transaction of $186,245.20. Following the completion of the transaction, the executive vice president now directly owns 20,158 shares of the company’s stock, valued at $3,077,320.28. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,392 shares of company stock worth $1,396,515. 1.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extra Space Storage

Several large investors have recently modified their holdings of EXR. Tidal Investments LLC increased its position in Extra Space Storage by 34.4% during the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust’s stock worth $2,278,000 after acquiring an additional 3,234 shares during the period. Swedbank AB grew its holdings in shares of Extra Space Storage by 4.5% during the 3rd quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after purchasing an additional 10,408 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Extra Space Storage by 724.1% during the 3rd 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 worth $357,100,000 after acquiring an additional 1,741,320 shares during the last quarter. Duff & Phelps Investment Management Co. grew its holdings in shares of Extra Space Storage by 9.5% during 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 last quarter. Finally, Brown Financial Advisors grew its holdings in 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 worth $1,646,000 after acquiring an additional 3,731 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

Extra Space Storage Stock Up 0.0 %

Shares of Extra Space Storage stock traded up $0.02 during trading on Thursday, reaching $146.81. The stock had a trading volume of 195,926 shares, compared to its average volume of 1,330,198. The company has a market capitalization of $31.12 billion, a price-to-earnings ratio of 38.44, a P/E/G ratio of 7.76 and a beta of 0.90. The stock has a fifty day moving average price of $152.86 and a two-hundred day moving average price of $161.49. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. 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 results on Tuesday, February 25th. The real estate investment trust reported $2.03 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 firm had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. Sell-side analysts predict 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 will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.41%. Extra Space Storage’s dividend payout ratio is currently 160.40%.

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.