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

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EXR. Evercore ISI lowered their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Truist Financial boosted their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Royal Bank of Canada began coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target for the company. Finally, Barclays boosted their price objective on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $173.08.

Extra Space Storage Stock Performance

EXR stock opened at $147.79 on Friday. The firm has a market cap of $31.33 billion, a PE ratio of 38.69, a price-to-earnings-growth ratio of 8.03 and a beta of 0.89. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average price of $160.75 and a 200-day moving average price of $165.44. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. During the same period in the prior year, the business earned $2.02 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts expect that Extra Space Storage will post 8.1 earnings per share for the current year.

Extra Space Storage Announces Dividend

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

Insider Activity

In other news, Director Diane Olmstead sold 3,081 shares of the stock in a transaction 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 transaction, the director now directly owns 5,877 shares in the company, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

Large investors have recently bought and sold shares of the stock. Ashton Thomas Securities LLC bought a new position in shares of Extra Space Storage during the 3rd quarter worth about $33,000. Harvest Fund Management Co. Ltd acquired a new stake in Extra Space Storage in the third quarter valued at approximately $42,000. Continuum Advisory LLC grew its stake in Extra Space Storage by 68.1% in the third quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 126 shares during the period. Global X Japan Co. Ltd. bought a new stake in shares of Extra Space Storage during the second quarter valued at approximately $78,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Extra Space Storage during the second quarter worth approximately $80,000. 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.