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

Extra Space Storage Inc. (NYSE:EXR) saw a significant increase in short interest in April. As of April 15th, there was short interest totalling 4,110,000 shares, an increase of 5.9% from the March 31st total of 3,880,000 shares. Based on an average trading volume of 1,150,000 shares, the short-interest ratio is currently 3.6 days.

Extra Space Storage Stock Performance

Shares of EXR stock opened at $138.70 on Thursday. The business’s fifty day simple moving average is $141.55 and its 200-day simple moving average is $138.54. The company has a market cap of $29.35 billion, a PE ratio of 30.89, a PEG ratio of 3.30 and a beta of 0.76. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage has a 12-month low of $101.19 and a 12-month high of $164.99.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The business had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. Extra Space Storage had a return on equity of 7.28% and a net margin of 29.10%. The business’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.09 earnings per share. Analysts expect that Extra Space Storage will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage’s payout ratio is presently 144.32%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on EXR shares. Raymond James restated an “outperform” rating and set a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Wells Fargo & Company boosted their price target on Extra Space Storage from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Evercore ISI lowered their price target on Extra Space Storage from $145.00 to $139.00 in a report on Wednesday. TheStreet upgraded Extra Space Storage from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Finally, Barclays initiated coverage on Extra Space Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $157.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and a consensus target price of $149.67.

Insider Buying and Selling

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at approximately $13,785,693.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,532 shares of company stock worth $514,819. Corporate insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On Extra Space Storage

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Extra Space Storage by 55.7% in the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock valued at $4,095,585,000 after acquiring an additional 12,055,172 shares during the period. Principal Financial Group Inc. increased its position in shares of Extra Space Storage by 8.9% in the 4th quarter. Principal Financial Group Inc. now owns 7,083,752 shares of the real estate investment trust’s stock valued at $1,135,738,000 after acquiring an additional 577,918 shares during the period. Norges Bank acquired a new position in shares of Extra Space Storage in the 4th quarter valued at $1,022,811,000. JPMorgan Chase & Co. increased its position in shares of Extra Space Storage by 599.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock valued at $406,781,000 after acquiring an additional 2,867,657 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Extra Space Storage by 6.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,219,030 shares of the real estate investment trust’s stock valued at $516,107,000 after acquiring an additional 186,940 shares during the period. 99.11% of the stock is owned by institutional investors and hedge funds.

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.