Short Interest in Extra Space Storage Inc. (NYSE:EXR) Grows By 5.9%

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) saw a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 4,110,000 shares, a growth of 5.9% from the March 31st total of 3,880,000 shares. Based on an average daily trading volume, of 1,150,000 shares, the days-to-cover ratio is presently 3.6 days.

Insiders Place Their Bets

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now owns 37,028 shares of the company's stock, valued at approximately $5,369,060. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of Extra Space Storage stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares of the company's stock, valued at approximately $5,369,060. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of the business's stock in a transaction dated 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 approximately $13,785,693.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,532 shares of company stock valued at $514,819. 1.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EXR. Mutual of America Capital Management LLC boosted its stake in shares of Extra Space Storage by 5.8% during the 1st quarter. Mutual of America Capital Management LLC now owns 32,030 shares of the real estate investment trust's stock worth $4,708,000 after acquiring an additional 1,767 shares in the last quarter. Nordea Investment Management AB grew its stake in Extra Space Storage by 4.4% during the first quarter. Nordea Investment Management AB now owns 15,048 shares of the real estate investment trust's stock worth $2,218,000 after buying an additional 634 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of Extra Space Storage during the first quarter valued at approximately $112,000. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Extra Space Storage by 16.5% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,881 shares of the real estate investment trust's stock valued at $865,000 after buying an additional 831 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in shares of Extra Space Storage by 6.4% during the first quarter. Janney Montgomery Scott LLC now owns 91,903 shares of the real estate investment trust's stock worth $13,510,000 after acquiring an additional 5,490 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

Analyst Ratings Changes

EXR has been the topic of a number of recent research reports. Wells Fargo & Company boosted their price target 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. Raymond James restated an "outperform" rating and set a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, March 28th. Scotiabank began coverage on shares of Extra Space Storage in a research note on Tuesday, February 13th. They set a "sector underperform" rating and a $131.00 target price on the stock. TheStreet raised Extra Space Storage from a "c+" rating to a "b-" rating in a report on Thursday, January 11th. Finally, Barclays began 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 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 company currently has a consensus rating of "Hold" and an average target price of $149.67.

Extra Space Storage Stock Performance

EXR stock traded up $1.09 during trading on Thursday, reaching $139.79. 1,586,888 shares of the company's stock were exchanged, compared to its average volume of 1,189,539. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $164.99. The company's fifty day moving average price is $141.55 and its 200-day moving average price is $138.54. The firm has a market cap of $29.58 billion, a PE ratio of 31.20, a P/E/G ratio of 3.30 and a beta of 0.76.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $2.03 by ($1.01). The firm had revenue of $797.77 million during the quarter, compared to the consensus estimate of $778.05 million. Extra Space Storage had a return on equity of 7.28% and a net margin of 29.10%. The firm's quarterly revenue was up 57.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.09 EPS. On average, research analysts expect that Extra Space Storage will post 8.05 EPS for the current fiscal year.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend was Thursday, March 14th. Extra Space Storage's payout ratio is 144.32%.

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.