Short Interest in Extra Space Storage Inc. (NYSE:EXR) Decreases By 17.2%

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totalling 3,810,000 shares, a decrease of 17.2% from the September 15th total of 4,600,000 shares. Based on an average daily trading volume, of 959,300 shares, the short-interest ratio is currently 4.0 days.

Extra Space Storage Stock Down 0.6 %

Shares of Extra Space Storage stock traded down $0.97 during trading on Monday, reaching $169.57. 17,898 shares of the company traded hands, compared to its average volume of 1,044,763. The firm has a market capitalization of $35.90 billion, a PE ratio of 37.98, a P/E/G ratio of 6.47 and a beta of 0.86. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $184.87. The company has a 50 day moving average price of $173.58 and a 200-day moving average price of $158.22. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.82%. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insiders Place Their Bets

In other news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock worth $3,367,307 over the last ninety days. 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 added to or reduced their stakes in EXR. EdgeRock Capital LLC bought a new stake in shares of Extra Space Storage during the second quarter valued at approximately $25,000. Creekmur Asset Management LLC bought a new stake in Extra Space Storage during the 4th quarter valued at $26,000. Centerpoint Advisors LLC acquired a new position in Extra Space Storage during the second quarter worth $27,000. Blue Trust Inc. lifted its stake in shares of Extra Space Storage by 540.5% in the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 200 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Extra Space Storage by 2,760.0% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 286 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 276 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on EXR shares. Truist Financial boosted their price objective on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Evercore ISI lowered their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday. KeyCorp lifted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th. Wells Fargo & Company upped their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Raymond James lifted their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $170.80.

About Extra Space Storage

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.