Extra Space Storage Inc. (NYSE:EXR) Sees Significant Drop in Short Interest

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 3,630,000 shares, a drop of 8.3% from the November 15th total of 3,960,000 shares. Based on an average daily trading volume, of 981,700 shares, the short-interest ratio is presently 3.7 days.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 23.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at $967,119.12. This represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

Institutional Trading of Extra Space Storage

A number of large investors have recently bought and sold shares of EXR. Wealth Enhancement Advisory Services LLC lifted its position in shares of Extra Space Storage by 53.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,738 shares of the real estate investment trust’s stock valued at $1,824,000 after acquiring an additional 4,102 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Extra Space Storage by 5.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,389 shares of the real estate investment trust’s stock worth $1,459,000 after purchasing an additional 468 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Extra Space Storage by 540.5% in the 2nd quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. Raymond James & Associates raised its stake in Extra Space Storage by 54.1% during the second quarter. Raymond James & Associates now owns 274,125 shares of the real estate investment trust’s stock worth $42,602,000 after acquiring an additional 96,278 shares during the period. Finally, Commerzbank Aktiengesellschaft FI boosted its holdings in shares of Extra Space Storage by 61.6% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,905 shares of the real estate investment trust’s stock valued at $607,000 after acquiring an additional 1,489 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock opened at $154.57 on Wednesday. The firm’s 50-day moving average is $165.96 and its 200 day moving average is $165.90. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The stock has a market cap of $32.77 billion, a price-to-earnings ratio of 40.46, a PEG ratio of 8.03 and a beta of 0.89. 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 posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.02 earnings per share. Sell-side analysts anticipate that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.19%. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Analyst Ratings Changes

Several brokerages have commented on EXR. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a report on Monday, October 21st. Scotiabank decreased 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 report on Monday, November 25th. KeyCorp upped their target price on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and boosted their price target for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Finally, StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $171.43.

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.