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

Extra Space Storage Inc. (NYSE:EXR) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 2,830,000 shares, a decrease of 17.7% from the February 13th total of 3,440,000 shares. Based on an average daily volume of 1,250,000 shares, the short-interest ratio is presently 2.3 days. Currently, 1.4% of the shares of the stock are short sold.

Analysts Set New Price Targets

EXR has been the subject of a number of recent research reports. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research report on Thursday, March 6th. Scotiabank reduced their price target on Extra Space Storage from $167.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. StockNews.com downgraded Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Friday, March 7th. Finally, Truist Financial lifted their price objective on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $171.09.

Insider Activity

In related news, EVP William N. Springer sold 1,220 shares of the business’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at approximately $3,077,320.28. The trade was a 5.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph J. Bonner sold 672 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now directly owns 4,557 shares in the company, valued at $679,448.70. This represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,392 shares of company stock worth $1,396,515 over the last ninety days. Corporate insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EXR. State Street Corp grew its position in shares of Extra Space Storage by 1.7% in the 3rd quarter. State Street Corp now owns 13,390,830 shares of the real estate investment trust’s stock valued at $2,412,894,000 after purchasing an additional 227,006 shares during the period. Cohen & Steers Inc. lifted its position in shares of Extra Space Storage by 5.9% in the fourth quarter. Cohen & Steers Inc. now owns 9,246,133 shares of the real estate investment trust’s stock worth $1,383,094,000 after purchasing an additional 516,941 shares in the last quarter. Norges Bank acquired a new stake in Extra Space Storage in the 4th quarter valued at $938,647,000. Dimensional Fund Advisors LP raised its holdings in Extra Space Storage by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,136,640 shares of the real estate investment trust’s stock worth $469,229,000 after acquiring an additional 24,533 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Extra Space Storage by 3.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,064,970 shares of the real estate investment trust’s stock worth $458,520,000 after purchasing an additional 104,986 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Performance

Shares of EXR stock traded down $1.22 during trading hours on Wednesday, reaching $146.71. 1,192,127 shares of the company’s stock were exchanged, compared to its average volume of 1,004,414. The business has a fifty day moving average price of $152.88 and a 200-day moving average price of $161.60. The stock has a market capitalization of $31.10 billion, a P/E ratio of 38.40, a P/E/G ratio of 7.76 and a beta of 0.90. 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 has a fifty-two week low of $131.02 and a fifty-two week high of $184.87.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 EPS for the quarter, beating the consensus estimate of $1.10 by $0.93. The business had revenue of $821.90 million for the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Analysts predict that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 160.40%.

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.