Extra Space Storage Inc. (NYSE:EXR) Short Interest Update

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a large growth in short interest in December. As of December 15th, there was short interest totalling 3,830,000 shares, a growth of 5.5% from the November 30th total of 3,630,000 shares. Based on an average daily trading volume, of 976,600 shares, the days-to-cover ratio is currently 3.9 days.

Extra Space Storage Stock Performance

NYSE EXR opened at $147.79 on Friday. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87. The firm has a 50-day moving average price of $160.75 and a two-hundred day moving average price of $165.44. The company has a market capitalization of $31.33 billion, a P/E ratio of 38.69, a P/E/G ratio of 8.03 and a beta of 0.89. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 earnings per share. Analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a dividend of $1.62 per share. The ex-dividend date was Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 4.38%. Extra Space Storage’s dividend payout ratio is 169.63%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on EXR. Scotiabank cut their price target on shares of Extra Space Storage from $169.00 to $167.00 and set a “sector underperform” rating for the company in a research note on Monday, November 25th. Evercore ISI cut their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 target price on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $173.08.

Insiders Place Their Bets

In other news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the sale, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

Large investors have recently bought and sold shares of the company. Tidal Investments LLC lifted its holdings in shares of Extra Space Storage by 34.4% during the 3rd 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 raised its position in Extra Space Storage by 4.5% during the third 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Extra Space Storage by 724.1% during the third 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 purchasing an additional 1,741,320 shares during the last quarter. Duff & Phelps Investment Management Co. boosted its holdings in shares of Extra Space Storage by 9.5% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust’s stock valued at $6,397,000 after purchasing an additional 3,093 shares in the last quarter. Finally, Brown Financial Advisors increased its stake in shares of Extra Space Storage by 69.1% in the 3rd quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust’s stock valued at $1,646,000 after purchasing an additional 3,731 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

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.