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

Extra Space Storage Inc. (NYSE:EXR) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 3,960,000 shares, a growth of 6.5% from the October 31st total of 3,720,000 shares. Based on an average daily volume of 968,300 shares, the short-interest ratio is presently 4.1 days.

Insider Activity at Extra Space Storage

In other news, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the sale, the director now owns 404,306 shares in the company, valued at approximately $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,228 shares of company stock worth $3,023,957. Corporate insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Pathway Financial Advisers LLC grew its position in shares of Extra Space Storage by 17,832.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock worth $363,783,000 after acquiring an additional 2,007,626 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Extra Space Storage by 724.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock worth $357,100,000 after purchasing an additional 1,741,320 shares in the last quarter. American Century Companies Inc. lifted its position in Extra Space Storage by 543.5% in the second quarter. American Century Companies Inc. now owns 397,170 shares of the real estate investment trust’s stock worth $61,724,000 after purchasing an additional 335,447 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Extra Space Storage by 20.5% during the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock worth $291,720,000 after buying an additional 319,965 shares in the last quarter. Finally, Mizuho Securities USA LLC boosted its holdings in shares of Extra Space Storage by 1,664.3% in the third quarter. Mizuho Securities USA LLC now owns 288,094 shares of the real estate investment trust’s stock worth $51,912,000 after buying an additional 271,765 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on EXR. StockNews.com cut shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price for the company. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and raised their price target for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Barclays upped their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and an average target price of $171.36.

Extra Space Storage Price Performance

EXR stock traded down $3.70 during trading on Tuesday, reaching $166.03. 197,600 shares of the company were exchanged, compared to its average volume of 1,024,249. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock’s 50 day moving average price is $169.37 and its 200 day moving average price is $164.64. Extra Space Storage has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a market cap of $35.20 billion, a P/E ratio of 44.41, a PEG ratio of 8.60 and a beta of 0.89.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (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 firm 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 earnings per share. Extra Space Storage’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts predict that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Monday, December 16th. Extra Space Storage’s payout ratio is currently 169.63%.

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 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.