Extra Space Storage Inc. (NYSE:EXR) Short Interest Down 7.1% in October

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 6,260,000 shares, a decline of 7.1% from the October 15th total of 6,740,000 shares. Based on an average trading volume of 1,460,000 shares, the short-interest ratio is presently 4.3 days.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis purchased 4,200 shares of Extra Space Storage stock in a transaction dated Monday, November 13th. The stock was purchased at an average cost of $118.21 per share, with a total value of $496,482.00. Following the transaction, the chief executive officer now owns 31,301 shares in the company, valued at approximately $3,700,091.21. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other Extra Space Storage news, CEO Joseph D. Margolis bought 4,200 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were purchased at an average cost of $118.21 per share, for a total transaction of $496,482.00. Following the purchase, the chief executive officer now directly owns 31,301 shares in the company, valued at $3,700,091.21. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph J. Bonner sold 956 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $125.64, for a total value of $120,111.84. Following the transaction, the director now owns 4,504 shares in the company, valued at $565,882.56. The disclosure for this sale can be found here. Corporate insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

A number of large investors have recently bought and sold shares of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Extra Space Storage by 0.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,703 shares of the real estate investment trust’s stock worth $3,699,000 after purchasing an additional 66 shares during the period. Brown Advisory Inc. raised its holdings in Extra Space Storage by 1.6% in the 1st quarter. Brown Advisory Inc. now owns 4,156 shares of the real estate investment trust’s stock worth $677,000 after purchasing an additional 66 shares during the period. Private Advisor Group LLC raised its holdings in Extra Space Storage by 5.6% in the 1st quarter. Private Advisor Group LLC now owns 1,404 shares of the real estate investment trust’s stock worth $289,000 after purchasing an additional 74 shares during the period. U.S. Capital Wealth Advisors LLC raised its holdings in Extra Space Storage by 1.0% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 7,816 shares of the real estate investment trust’s stock worth $1,163,000 after purchasing an additional 80 shares during the period. Finally, Patron Partners LLC raised its holdings in Extra Space Storage by 3.4% in the 1st quarter. Patron Partners LLC now owns 2,442 shares of the real estate investment trust’s stock worth $398,000 after purchasing an additional 81 shares during the period. Institutional investors and hedge funds own 66.40% of the company’s stock.

Analyst Ratings Changes

EXR has been the topic of several research analyst reports. Bank of America downgraded Extra Space Storage from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $155.00 to $119.00 in a research note on Monday, October 30th. Morgan Stanley dropped their price target on Extra Space Storage from $145.00 to $115.00 and set an “underweight” rating on the stock in a research note on Thursday, September 21st. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Saturday, November 11th. Raymond James dropped their price target on Extra Space Storage from $165.00 to $145.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, October 24th. Finally, TheStreet downgraded Extra Space Storage from a “b-” rating to a “c” rating in a research note on Tuesday, November 7th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Extra Space Storage presently has an average rating of “Hold” and an average price target of $142.64.

Extra Space Storage Stock Performance

Shares of EXR traded down $1.84 during mid-day trading on Friday, reaching $128.26. The company had a trading volume of 1,445,660 shares, compared to its average volume of 1,499,032. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $170.30. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $27.10 billion, a P/E ratio of 23.92, a PEG ratio of 0.75 and a beta of 0.63. The stock has a 50 day moving average of $117.73 and a two-hundred day moving average of $133.91.

Extra Space Storage Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $1.62 dividend. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.61. The ex-dividend date is Thursday, December 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 5.05%. Extra Space Storage’s dividend payout ratio is presently 44.85%.

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 June 30, 2023, the Company owned and/or operated 2,438 self-storage stores in 41 states and Washington, DC The Company's stores comprise approximately 1.7 million units and approximately 184.0 million square feet of rentable space.