Extra Space Storage Inc. (NYSE:EXR) Sees Large Growth in Short Interest

Extra Space Storage Inc. (NYSE:EXR) saw 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 daily volume of 1,020,000 shares, the days-to-cover ratio is presently 5.3 days.

Extra Space Storage Stock Down 0.2 %

Shares of Extra Space Storage stock opened at $155.36 on Friday. The stock has a 50-day moving average price of $147.08 and a 200 day moving average price of $146.84. The company has a market cap of $32.89 billion, a P/E ratio of 34.60, a P/E/G ratio of 3.77 and a beta of 0.81. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.73. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $164.99.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.17%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s payout ratio is currently 144.32%.

Insider Transactions at Extra Space Storage

In other news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 5,229 shares in the company, valued at $775,042.38. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Extra Space Storage by 17.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,087 shares of the real estate investment trust’s stock worth $18,933,000 after purchasing an additional 17,163 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Extra Space Storage in the 4th quarter worth about $3,304,000. Daiwa Securities Group Inc. increased its position in Extra Space Storage by 8.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,724,293 shares of the real estate investment trust’s stock worth $436,786,000 after purchasing an additional 211,395 shares during the last quarter. Vanguard Group Inc. increased its position in Extra Space Storage by 55.7% in the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after purchasing an additional 12,055,172 shares during the last quarter. Finally, Pallas Capital Advisors LLC acquired a new position in shares of Extra Space Storage during the 4th quarter valued at about $1,287,000. 99.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on EXR shares. Barclays upped their price objective on Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a report on Monday, May 20th. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Citigroup reduced their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a report on Friday, June 7th. Evercore ISI reduced their target price on Extra Space Storage from $145.00 to $139.00 in a report on Wednesday, May 1st. Finally, Raymond James reaffirmed an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a report on Thursday, March 28th. Two equities 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $151.83.

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.