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

Extra Space Storage Inc. (NYSE:EXR) was the target of a large growth in short interest in December. As of December 15th, there was short interest totalling 3,830,000 shares, a growth of 5.5% from the November 30th total of 3,630,000 shares. Based on an average daily volume of 976,600 shares, the short-interest ratio is currently 3.9 days.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on EXR. Wells Fargo & Company reiterated an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and lifted their price objective for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Truist Financial increased their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Barclays boosted their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Evercore ISI decreased their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $173.08.

Insider Activity

In related news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the completion of the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Extra Space Storage

A number of institutional investors have recently made changes to their positions in EXR. Pathway Financial Advisers LLC lifted its holdings in Extra Space Storage by 17,832.9% during 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 purchasing an additional 2,007,626 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Extra Space Storage by 724.1% during 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 buying an additional 1,741,320 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Extra Space Storage by 543.5% during 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 buying an additional 335,447 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Extra Space Storage by 20.5% in the second quarter. Canada Pension Plan Investment Board now owns 1,877,100 shares of the real estate investment trust’s stock valued at $291,720,000 after acquiring an additional 319,965 shares during the period. Finally, Mizuho Securities USA LLC grew its stake 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 valued at $51,912,000 after acquiring an additional 271,765 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

Extra Space Storage Stock Up 1.6 %

EXR stock opened at $149.60 on Thursday. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87. The business’s 50 day simple moving average is $161.16 and its 200 day simple moving average is $165.57. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $31.71 billion, a PE ratio of 39.16, a PEG ratio of 8.03 and a beta of 0.89.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.02 earnings per share. As a group, research analysts anticipate that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $1.62 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 4.33%. Extra Space Storage’s dividend 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.