Short Interest in Extra Space Storage Inc. (NYSE:EXR) Rises By 52.7%

Extra Space Storage Inc. (NYSE:EXR) saw a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 5,450,000 shares, a growth of 52.7% from the May 31st total of 3,570,000 shares. Based on an average daily trading volume, of 1,020,000 shares, the days-to-cover ratio is presently 5.3 days.

Insider Activity

In related news, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the sale, the director now directly owns 5,229 shares in the company, valued at approximately $775,042.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.36% of the stock is currently owned by insiders.

Institutional Trading of Extra Space Storage

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Extra Space Storage by 55.7% during the 3rd quarter. Vanguard Group Inc. now owns 33,686,341 shares of the real estate investment trust’s stock worth $4,095,585,000 after purchasing an additional 12,055,172 shares during the period. Norges Bank bought a new position in shares of Extra Space Storage during the 4th quarter valued at approximately $1,022,811,000. JPMorgan Chase & Co. raised its holdings 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 worth $406,781,000 after purchasing an additional 2,867,657 shares during the period. Boston Partners bought a new position in Extra Space Storage during the first quarter valued at $130,554,000. Finally, Capital Research Global Investors increased its position in Extra Space Storage by 111.4% in the fourth quarter. Capital Research Global Investors now owns 1,537,317 shares of the real estate investment trust’s stock worth $246,478,000 after buying an additional 810,158 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

Extra Space Storage Stock Down 0.2 %

EXR opened at $155.41 on Monday. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $164.99. The firm has a market capitalization of $32.90 billion, a P/E ratio of 34.61, a PEG ratio of 3.73 and a beta of 0.81. The company’s 50-day moving average is $147.08 and its 200 day moving average is $146.90. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15.

Extra Space Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s dividend payout ratio is presently 144.32%.

Analysts Set New Price Targets

Several research analysts recently issued reports on EXR shares. Citigroup lowered their target price on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, June 7th. Wells Fargo & Company increased their price objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Raymond James restated an “outperform” rating and issued a $160.00 target price on shares of Extra Space Storage in a report on Thursday, March 28th. Barclays boosted their price objective on Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Finally, Evercore ISI cut their price target on Extra Space Storage from $145.00 to $139.00 in a report on Wednesday, May 1st. 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $151.83.

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.