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

Extra Space Storage Inc. (NYSE:EXR) saw a significant increase in short interest in April. As of April 15th, there was short interest totalling 4,110,000 shares, an increase of 5.9% from the March 31st total of 3,880,000 shares. Based on an average daily volume of 1,150,000 shares, the short-interest ratio is presently 3.6 days.

Analysts Set New Price Targets

Several brokerages have recently commented on EXR. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Extra Space Storage in a research report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 target price for the company. The Goldman Sachs Group raised their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Wells Fargo & Company upped their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Raymond James reaffirmed an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. Finally, TheStreet upgraded shares of Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $149.67.

Extra Space Storage Stock Performance

Shares of EXR opened at $140.00 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. The stock has a market cap of $29.63 billion, a P/E ratio of 30.89, a P/E/G ratio of 3.30 and a beta of 0.76. The business’s 50 day moving average price is $141.55 and its 200-day moving average price is $138.54. Extra Space Storage has a 52 week low of $101.19 and a 52 week high of $164.99.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The firm had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a return on equity of 7.28% and a net margin of 29.10%. The business’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.09 EPS. Equities research analysts anticipate that Extra Space Storage will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s payout ratio is currently 144.32%.

Insider Activity

In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares of the company’s stock, valued at $5,369,060. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The disclosure for this sale can be found here. Insiders have sold a total of 3,532 shares of company stock worth $514,819 over the last three months. Corporate insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of EXR. Zions Bancorporation N.A. raised its position in Extra Space Storage by 241.9% in the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 150 shares during the period. EdgeRock Capital LLC purchased a new stake in Extra Space Storage in the 4th quarter worth approximately $26,000. Creekmur Asset Management LLC bought a new stake in Extra Space Storage during the 4th quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted its holdings in Extra Space Storage by 162.5% during the third quarter. EverSource Wealth Advisors LLC now owns 231 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 143 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Extra Space Storage in the 3rd quarter worth $32,000. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.