Short Interest in Extra Space Storage Inc. (NYSE:EXR) Increases By 52.7%

Extra Space Storage Inc. (NYSE:EXR) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 5,450,000 shares, an increase of 52.7% from the May 31st total of 3,570,000 shares. Based on an average trading volume of 1,020,000 shares, the short-interest ratio is currently 5.3 days.

Extra Space Storage Stock Performance

NYSE:EXR opened at $155.41 on Monday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15. The business has a fifty day simple moving average of $147.08 and a two-hundred day simple moving average of $146.90. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $164.99. The company has a market capitalization of $32.90 billion, a P/E ratio of 34.61, a P/E/G ratio of 3.73 and a beta of 0.81.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $1.62 per share. The ex-dividend date was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.17%. Extra Space Storage’s payout ratio is 144.32%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on EXR. Barclays raised their target price on Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Raymond James restated an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a report on Thursday, March 28th. Evercore ISI dropped their target price on Extra Space Storage from $145.00 to $139.00 in a report on Wednesday, May 1st. Wells Fargo & Company raised their target price on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Finally, Citigroup dropped their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average target price of $151.83.

Insiders Place Their Bets

In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now owns 5,229 shares in the company, valued at $775,042.38. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Extra Space Storage by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after purchasing an additional 170,380 shares during the period. Principal Financial Group Inc. raised its stake in shares of Extra Space Storage by 8.9% during the 4th quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock valued at $1,135,738,000 after purchasing an additional 577,918 shares during the period. Norges Bank bought a new stake in shares of Extra Space Storage during the 4th quarter valued at $1,022,811,000. JPMorgan Chase & Co. raised its stake in shares of Extra Space Storage by 599.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after purchasing an additional 2,867,657 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Extra Space Storage by 6.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,219,030 shares of the real estate investment trust’s stock valued at $516,107,000 after purchasing an additional 186,940 shares during the period. 99.11% of the stock is currently 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.