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

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 3,630,000 shares, a decline of 8.3% from the November 15th total of 3,960,000 shares. Based on an average daily volume of 981,700 shares, the days-to-cover ratio is presently 3.7 days.

Wall Street Analysts Forecast Growth

EXR has been the topic of several recent research reports. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Royal Bank of Canada assumed coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a "sector perform" rating and a $180.00 price objective for the company. Truist Financial boosted their target price on Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a research report on Thursday, December 5th. KeyCorp increased their price target on Extra Space Storage from $172.00 to $178.00 and gave the company an "overweight" rating in a research report on Monday, September 9th. Finally, Jefferies Financial Group upgraded Extra Space Storage from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Extra Space Storage currently has an average rating of "Hold" and a consensus target price of $171.43.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, October 1st. The shares were 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 directly owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diane Olmstead sold 3,081 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $164.56, for a total transaction of $507,009.36. Following the completion of the transaction, the director now owns 5,877 shares of the company's stock, valued at $967,119.12. This represents a 34.39 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.36% of the company's stock.

Institutional Investors Weigh In On Extra Space Storage

Hedge funds have recently bought and sold shares of the company. EdgeRock Capital LLC acquired a new stake in shares of Extra Space Storage in the second quarter worth $25,000. Centerpoint Advisors LLC bought a new stake in Extra Space Storage in the 2nd quarter valued at $27,000. Ashton Thomas Securities LLC acquired a new stake in Extra Space Storage in the 3rd quarter worth $33,000. Harvest Fund Management Co. Ltd bought a new position in shares of Extra Space Storage during the 3rd quarter worth about $42,000. Finally, Blue Trust Inc. raised its position in shares of Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 200 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Down 0.6 %

Shares of EXR traded down $0.89 during midday trading on Monday, reaching $155.68. 796,230 shares of the stock were exchanged, compared to its average volume of 1,020,456. The company has a market cap of $33.00 billion, a price-to-earnings ratio of 40.75, a P/E/G ratio of 8.03 and a beta of 0.89. 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 12-month low of $131.02 and a 12-month high of $184.87. The firm has a 50 day simple moving average of $166.28 and a 200-day simple moving average of $165.83.

Extra Space Storage (NYSE:EXR - Get Free Report) last released its quarterly earnings data 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). The business 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%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.02 EPS. Research analysts forecast that Extra Space Storage will post 8.1 EPS for the current 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 paid a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.16%. Extra Space Storage's payout ratio is presently 169.63%.

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.