Extra Space Storage Inc (NYSE:EXR) Short Interest Up 18.6% in March

Extra Space Storage Inc (NYSE:EXR) was the target of a large increase in short interest in March. As of March 13th, there was short interest totaling 5,898,892 shares, an increase of 18.6% from the February 26th total of 4,975,803 shares. Currently, 2.8% of the company’s stock are short sold. Based on an average daily trading volume, of 1,034,929 shares, the days-to-cover ratio is presently 5.7 days.

Extra Space Storage Stock Performance

Shares of Extra Space Storage stock traded up $0.67 on Wednesday, reaching $131.80. The stock had a trading volume of 435,651 shares, compared to its average volume of 1,358,341. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.39 and a current ratio of 0.39. The business’s 50-day moving average price is $141.39 and its two-hundred day moving average price is $138.75. The stock has a market cap of $27.83 billion, a P/E ratio of 28.65, a price-to-earnings-growth ratio of 2.58 and a beta of 1.24. Extra Space Storage has a fifty-two week low of $121.03 and a fifty-two week high of $155.19.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Thursday, February 19th. The real estate investment trust reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. The business had revenue of $857.47 million for the quarter, compared to analyst estimates of $732.92 million. Extra Space Storage had a net margin of 28.84% and a return on equity of 6.79%. Extra Space Storage’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business posted $2.03 EPS. Extra Space Storage has set its FY 2026 guidance at 8.050-8.350 EPS. On average, sell-side analysts forecast that Extra Space Storage will post 8.1 EPS for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, March 16th. Extra Space Storage’s payout ratio is currently 140.87%.

Insider Buying and Selling

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $142.08, for a total value of $1,065,600.00. Following the transaction, the chief executive officer owned 66,495 shares in the company, valued at approximately $9,447,609.60. This represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EXR. NewEdge Advisors LLC boosted its position in shares of Extra Space Storage by 9.3% in the first quarter. NewEdge Advisors LLC now owns 3,409 shares of the real estate investment trust’s stock valued at $506,000 after acquiring an additional 291 shares during the period. Empowered Funds LLC raised its stake in Extra Space Storage by 15.5% during the 1st quarter. Empowered Funds LLC now owns 4,912 shares of the real estate investment trust’s stock valued at $729,000 after purchasing an additional 661 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Extra Space Storage in the 2nd quarter valued at $457,000. Steward Partners Investment Advisory LLC boosted its holdings in Extra Space Storage by 2.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 8,233 shares of the real estate investment trust’s stock valued at $1,214,000 after purchasing an additional 167 shares during the period. Finally, J.W. Cole Advisors Inc. grew its position in Extra Space Storage by 3.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 4,831 shares of the real estate investment trust’s stock worth $712,000 after purchasing an additional 150 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Analyst Ratings Changes

EXR has been the subject of several recent research reports. Barclays boosted their target price on shares of Extra Space Storage from $164.00 to $170.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. Morgan Stanley reduced their price objective on shares of Extra Space Storage from $155.00 to $152.00 and set an “equal weight” rating for the company in a research note on Friday, December 5th. Scotiabank upped their price objective on shares of Extra Space Storage from $145.00 to $156.00 and gave the stock a “sector perform” rating in a report on Monday, March 2nd. JPMorgan Chase & Co. increased their target price on shares of Extra Space Storage from $142.00 to $144.00 and gave the stock a “neutral” rating in a research report on Monday, March 23rd. Finally, BNP Paribas Exane upgraded Extra Space Storage from a “neutral” rating to an “outperform” rating and set a $154.00 target price on the stock in a report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $143.80.

About Extra Space Storage

Extra Space Storage (NYSE: EXR) is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.