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

Extra Space Storage Inc. (NYSE:EXR) was the target of a large 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 trading volume of 1,250,000 shares, the short-interest ratio is currently 2.3 days. Currently, 1.4% of the shares of the stock are sold short.

Extra Space Storage Trading Down 0.8 %

EXR stock traded down $1.22 on Wednesday, reaching $146.71. The company’s stock had a trading volume of 1,192,127 shares, compared to its average volume of 1,004,414. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The business has a fifty day simple moving average of $152.88 and a two-hundred day simple moving average of $161.60. The firm has a market cap of $31.10 billion, a PE ratio of 38.40, a PEG ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $821.90 million for the quarter, compared to analysts’ expectations of $707.34 million. As a group, research analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $1.62 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.42%. Extra Space Storage’s payout ratio is 160.40%.

Analysts Set New Price Targets

Several research analysts have weighed in on EXR shares. Wells Fargo & Company lowered their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Scotiabank dropped their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Royal Bank of Canada decreased their price target on shares of Extra Space Storage from $167.00 to $163.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. Finally, Truist Financial increased their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $171.09.

Insider Buying and Selling

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of Extra Space Storage stock in a transaction on 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 sale, the executive vice president now owns 20,158 shares of the company’s stock, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the 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 sale, the director now owns 4,557 shares in the company, valued at $679,448.70. This represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,392 shares of company stock worth $1,396,515 in the last three months. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund raised its position in Extra Space Storage by 0.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,160 shares of the real estate investment trust’s stock valued at $2,717,000 after purchasing an additional 66 shares during the period. Wedge Capital Management L L P NC increased its stake in shares of Extra Space Storage by 1.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 5,138 shares of the real estate investment trust’s stock valued at $769,000 after buying an additional 68 shares during the period. Lindbrook Capital LLC raised its holdings in shares of Extra Space Storage by 14.9% in the 4th quarter. Lindbrook Capital LLC now owns 523 shares of the real estate investment trust’s stock valued at $78,000 after purchasing an additional 68 shares in the last quarter. Aptus Capital Advisors LLC increased its holdings in shares of Extra Space Storage by 4.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 1,638 shares of the real estate investment trust’s stock valued at $245,000 after acquiring an additional 68 shares during the period. Finally, Siemens Fonds Invest GmbH boosted its holdings in shares of Extra Space Storage by 3.0% in 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 buying an additional 68 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

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.