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

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 3,810,000 shares, a decline of 17.2% from the September 15th total of 4,600,000 shares. Based on an average daily volume of 959,300 shares, the short-interest ratio is presently 4.0 days.

Analyst Ratings Changes

A number of analysts have recently commented on EXR shares. Scotiabank lifted their target price on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research report on Thursday, August 22nd. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $172.00 to $155.00 in a research report on Monday, August 5th. Barclays increased their price objective on Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company increased their price target on Extra Space Storage from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $170.80.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated 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 in the company, valued at $4,318,398.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the transaction, the director now owns 404,306 shares in the company, valued at approximately $71,655,152.38. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,970 shares of company stock worth $3,367,307. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hummer Financial Advisory Services Inc boosted its position in shares of Extra Space Storage by 1.2% in the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after acquiring an additional 70 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Extra Space Storage by 19.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after purchasing an additional 76 shares during the period. QRG Capital Management Inc. lifted its position in Extra Space Storage by 5.2% during the 1st quarter. QRG Capital Management Inc. now owns 1,588 shares of the real estate investment trust’s stock worth $233,000 after acquiring an additional 78 shares in the last quarter. Park Avenue Securities LLC grew its position in Extra Space Storage by 2.1% in the second quarter. Park Avenue Securities LLC now owns 3,773 shares of the real estate investment trust’s stock valued at $586,000 after acquiring an additional 79 shares in the last quarter. Finally, Gallacher Capital Management LLC grew its holdings in Extra Space Storage by 1.2% during the 2nd quarter. Gallacher Capital Management LLC now owns 7,433 shares of the real estate investment trust’s stock valued at $1,155,000 after purchasing an additional 86 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded up $1.07 during midday trading on Wednesday, hitting $172.20. 227,219 shares of the stock were exchanged, compared to its average volume of 1,042,690. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76. The stock has a market cap of $36.46 billion, a P/E ratio of 38.11, a PEG ratio of 6.47 and a beta of 0.86. The company has a 50 day moving average price of $173.99 and a 200-day moving average price of $158.56. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $184.87.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.76%. Extra Space Storage’s dividend payout ratio is currently 144.32%.

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.