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

Extra Space Storage Inc. (NYSE:EXR) was the target of a large drop in short interest in September. As of September 30th, there was short interest totalling 3,810,000 shares, a drop of 17.2% from the September 15th total of 4,600,000 shares. Based on an average daily volume of 959,300 shares, the days-to-cover ratio is presently 4.0 days.

Extra Space Storage Stock Up 0.7 %

NYSE EXR traded up $1.25 on Wednesday, reaching $172.38. The company had a trading volume of 61,998 shares, compared to its average volume of 1,041,864. The firm has a market capitalization of $36.50 billion, a PE ratio of 38.11, a P/E/G ratio of 6.47 and a beta of 0.86. The firm has a 50-day moving average of $173.99 and a 200-day moving average of $158.56. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $184.87. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a dividend of $1.62 per share. The ex-dividend date was Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.76%. Extra Space Storage’s dividend payout ratio is presently 144.32%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EXR. Scotiabank raised their price target on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and raised their price objective for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Raymond James boosted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Barclays upped their price objective on Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $170.80.

Insider Activity

In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares in the company, valued at $5,815,663.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the sale, the executive vice president now directly owns 32,855 shares in the company, valued at $5,815,663.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP William N. Springer sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock worth $3,367,307 in the last 90 days. 1.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors have recently made changes to their positions in EXR. Hummer Financial Advisory Services Inc raised its holdings in Extra Space Storage by 1.2% in the third quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock valued at $1,067,000 after acquiring an additional 70 shares in the last quarter. Swedbank AB raised its stake in shares of Extra Space Storage by 4.5% in the 3rd quarter. Swedbank AB now owns 243,130 shares of the real estate investment trust’s stock valued at $43,810,000 after purchasing an additional 10,408 shares in the last quarter. Paladin Wealth LLC bought a new position in shares of Extra Space Storage during the third quarter worth about $755,000. Koshinski Asset Management Inc. acquired a new position in Extra Space Storage in the third quarter worth about $209,000. Finally, Exchange Traded Concepts LLC acquired a new stake in Extra Space Storage during the third quarter valued at approximately $136,000. 99.11% of the stock is owned by institutional investors and hedge funds.

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.