Extra Space Storage Inc. (NYSE:EXR) Short Interest Down 17.7% in February

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) was the recipient of a large decrease in short interest in February. As of February 28th, there was short interest totalling 2,830,000 shares, a decrease of 17.7% from the February 13th total of 3,440,000 shares. Based on an average daily volume of 1,250,000 shares, the short-interest ratio is presently 2.3 days. Approximately 1.4% of the company's stock are short sold.

Insider Activity at Extra Space Storage

In related news, EVP William N. Springer sold 1,220 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $152.66, for a total value of $186,245.20. Following the completion of the sale, the executive vice president now directly owns 20,158 shares in the company, valued at approximately $3,077,320.28. This represents a 5.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares of the company's stock, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,392 shares of company stock worth $1,396,515. Corporate insiders own 1.36% of the company's stock.

Remove Ads

Institutional Investors Weigh In On Extra Space Storage

Hedge funds have recently made changes to their positions in the business. Tidal Investments LLC raised its holdings in shares of Extra Space Storage by 34.4% during the third quarter. Tidal Investments LLC now owns 12,640 shares of the real estate investment trust's stock valued at $2,278,000 after buying an additional 3,234 shares during the last quarter. Swedbank AB raised its holdings in shares of Extra Space Storage by 4.5% during the third quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust's stock valued at $43,810,000 after buying an additional 10,408 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised 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 valued at $357,100,000 after buying an additional 1,741,320 shares during the last quarter. Duff & Phelps Investment Management Co. raised its holdings in shares of Extra Space Storage by 9.5% during the third quarter. Duff & Phelps Investment Management Co. now owns 35,503 shares of the real estate investment trust's stock valued at $6,397,000 after buying an additional 3,093 shares during the last quarter. Finally, Brown Financial Advisors raised its holdings in shares of Extra Space Storage by 69.1% during the third quarter. Brown Financial Advisors now owns 9,134 shares of the real estate investment trust's stock valued at $1,646,000 after buying an additional 3,731 shares during the last quarter. Institutional investors own 99.11% of the company's stock.

Extra Space Storage Stock Down 1.3 %

Shares of EXR stock traded down $1.96 during trading hours on Friday, hitting $143.92. 1,769,806 shares of the company were exchanged, compared to its average volume of 1,002,321. 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 business's 50-day simple moving average is $152.76 and its two-hundred day simple moving average is $161.15. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The stock has a market capitalization of $30.51 billion, a price-to-earnings ratio of 37.67, a P/E/G ratio of 7.76 and a beta of 0.90.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.93. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $821.90 million for the quarter, compared to analysts' expectations of $707.34 million. Sell-side analysts predict that Extra Space Storage will post 8.1 EPS for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.50%. Extra Space Storage's dividend payout ratio (DPR) is presently 160.40%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial increased their price target on Extra Space Storage from $167.00 to $168.00 and gave the company a "hold" rating in a report on Thursday, December 5th. StockNews.com downgraded Extra Space Storage from a "hold" rating to a "sell" rating in a research note on Friday, March 7th. Barclays lowered their target price on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating for the company in a research note on Wednesday, March 12th. Royal Bank of Canada lowered their target price on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating for the company in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Extra Space Storage in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Extra Space Storage has an average rating of "Hold" and an average target price of $171.09.

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.