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

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 4,080,000 shares, an increase of 44.2% from the February 28th total of 2,830,000 shares. Currently, 2.0% of the company's stock are sold short. Based on an average trading volume of 1,330,000 shares, the short-interest ratio is presently 3.1 days.

Extra Space Storage Stock Performance

EXR stock traded down $1.14 during trading on Thursday, reaching $146.33. 565,845 shares of the company's stock were exchanged, compared to its average volume of 1,295,730. The firm has a market cap of $31.02 billion, a PE ratio of 38.31, a P/E/G ratio of 7.76 and a beta of 0.90. The company's fifty day moving average price is $152.17 and its 200-day moving average price is $159.40. Extra Space Storage has a 1-year low of $131.02 and a 1-year high of $184.87. 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 (NYSE:EXR - Get Free Report) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.03 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.93. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $821.90 million during the quarter, compared to the consensus estimate of $707.34 million. On average, research analysts expect that Extra Space Storage will post 8.1 EPS for the current fiscal year.

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Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date was Friday, March 14th. Extra Space Storage's payout ratio is 160.40%.

Insiders Place Their Bets

In other Extra Space Storage news, EVP William N. Springer sold 1,220 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $152.66, for a total transaction of $186,245.20. Following the sale, the executive vice president now owns 20,158 shares in the company, valued at $3,077,320.28. This represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph J. Bonner sold 672 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total value of $100,195.20. Following the transaction, the director now directly owns 4,557 shares in the company, valued at approximately $679,448.70. This represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Extra Space Storage

Hedge funds have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Extra Space Storage during the 3rd quarter worth approximately $334,000. Cerity Partners LLC increased its holdings in shares of Extra Space Storage by 39.9% during the 3rd quarter. Cerity Partners LLC now owns 14,426 shares of the real estate investment trust's stock valued at $2,599,000 after acquiring an additional 4,114 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Extra Space Storage by 3.1% in the third quarter. The Manufacturers Life Insurance Company now owns 147,115 shares of the real estate investment trust's stock valued at $26,509,000 after purchasing an additional 4,358 shares during the period. D.A. Davidson & CO. bought a new position in Extra Space Storage in the 3rd quarter worth $257,000. Finally, Townsquare Capital LLC increased its stake in shares of Extra Space Storage by 30.9% in the third quarter. Townsquare Capital LLC now owns 8,267 shares of the real estate investment trust's stock worth $1,490,000 after purchasing an additional 1,953 shares during the period. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on EXR shares. Royal Bank of Canada reduced their price objective on Extra Space Storage from $167.00 to $163.00 and set a "sector perform" rating on the stock in a research note on Thursday, February 27th. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Truist Financial increased their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a "hold" rating in a research note on Thursday, December 5th. Scotiabank decreased their target price on Extra Space Storage from $167.00 to $165.00 and set a "sector perform" rating for the company in a research note on Wednesday, March 5th. Finally, StockNews.com cut Extra Space Storage from a "hold" rating to a "sell" rating in a research report on Friday, March 7th. Two research 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.com, the stock currently has a consensus rating of "Hold" and an average target price of $171.09.

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.