Short Interest in Extra Space Storage Inc. (NYSE:EXR) Rises By 5.5%

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) saw a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 3,830,000 shares, an increase 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 presently 3.9 days.

Extra Space Storage Trading Up 1.6 %

EXR traded up $2.35 during midday trading on Wednesday, reaching $149.60. 932,593 shares of the company's stock traded hands, compared to its average volume of 1,026,159. Extra Space Storage has a 52 week low of $131.02 and a 52 week high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a fifty day moving average of $161.16 and a two-hundred day moving average of $165.57. The stock has a market capitalization of $31.71 billion, a price-to-earnings ratio of 39.16, a P/E/G ratio of 8.03 and a beta of 0.89.

Extra Space Storage (NYSE:EXR - Get Free Report) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million for the quarter, compared to the consensus estimate 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 was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.02 EPS. On average, equities analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.33%. The ex-dividend date was Monday, December 16th. Extra Space Storage's dividend payout ratio (DPR) is 169.63%.

Insider Buying and Selling

In other news, Director Diane Olmstead sold 3,081 shares of Extra Space Storage stock in a transaction on 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 sale, the director now directly owns 5,877 shares of the company's stock, valued at approximately $967,119.12. The trade was a 34.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EXR. Ashton Thomas Securities LLC purchased a new stake in Extra Space Storage during the 3rd quarter valued at $33,000. Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage in the third quarter worth about $42,000. Continuum Advisory LLC grew its stake in shares of Extra Space Storage by 68.1% during the 3rd quarter. Continuum Advisory LLC now owns 311 shares of the real estate investment trust's stock valued at $56,000 after purchasing an additional 126 shares during the period. Global X Japan Co. Ltd. purchased a new stake in shares of Extra Space Storage during the 2nd quarter valued at about $78,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Extra Space Storage in the 2nd quarter worth approximately $80,000. Institutional investors own 99.11% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on EXR shares. Evercore ISI cut 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. Wells Fargo & Company reiterated an "equal weight" rating and set a $175.00 price target on shares of Extra Space Storage in a research report on Monday, October 21st. Scotiabank lowered their price objective on shares of Extra Space Storage from $169.00 to $167.00 and set a "sector underperform" rating for the company in a report on Monday, November 25th. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a "sector perform" rating and a $180.00 price objective for the company. Finally, KeyCorp lifted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an "overweight" rating in a research report on Monday, September 9th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $173.08.

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.