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

Extra Space Storage Inc. (NYSE:EXR) was the target of a large 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 daily volume of 1,150,000 shares, the days-to-cover ratio is presently 3.6 days.

Extra Space Storage Trading Down 0.5 %

NYSE EXR traded down $0.70 on Thursday, reaching $138.00. 151,781 shares of the company were exchanged, compared to its average volume of 1,172,155. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. The business’s fifty day moving average price is $141.55 and its 200 day moving average price is $138.54. The stock has a market capitalization of $29.20 billion, a P/E ratio of 30.89, a price-to-earnings-growth ratio of 3.30 and a beta of 0.76. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $164.99.

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

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $1.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.70%. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Raymond James restated an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Saturday, March 2nd. Barclays started 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. Evercore ISI decreased their price objective on shares of Extra Space Storage from $145.00 to $139.00 in a research report on Wednesday. Finally, Wells Fargo & Company lifted their target price on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Two 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $149.67.

Insider Activity

In other news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CMO Samrat Sondhi sold 2,048 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is currently owned by corporate insiders.

Institutional Trading of Extra Space Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EXR. Vanguard Group Inc. raised its stake in Extra Space Storage by 55.7% in the third 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 buying an additional 12,055,172 shares in the last quarter. Norges Bank acquired a new stake in shares of Extra Space Storage during the 4th quarter worth about $1,022,811,000. JPMorgan Chase & Co. lifted its stake in Extra Space Storage by 599.8% during the third quarter. JPMorgan Chase & Co. now owns 3,345,787 shares of the real estate investment trust’s stock worth $406,781,000 after purchasing an additional 2,867,657 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new position in Extra Space Storage in the third quarter valued at approximately $173,621,000. Finally, First Eagle Investment Management LLC increased its stake in Extra Space Storage by 233,362.8% in the third quarter. First Eagle Investment Management LLC now owns 1,323,734 shares of the real estate investment trust’s stock valued at $160,940,000 after purchasing an additional 1,323,167 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.