Short Interest in Extra Space Storage, Inc. (NYSE:EXR) Declines By 7.5%

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Extra Space Storage, Inc. (NYSE:EXR) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totalling 4,663,400 shares, a decline of 7.5% from the July 31st total of 5,039,200 shares. Approximately 3.7% of the company’s stock are short sold. Based on an average trading volume of 783,400 shares, the short-interest ratio is currently 6.0 days.

A number of equities analysts have issued reports on the company. Citigroup upped their target price on Extra Space Storage from $103.00 to $119.00 and gave the company a “neutral” rating in a research report on Wednesday. Wells Fargo & Co upped their target price on Extra Space Storage from $114.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Stifel Nicolaus assumed coverage on Extra Space Storage in a research report on Monday, August 19th. They issued a “buy” rating and a $131.00 target price on the stock. Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating and set a $125.00 target price on the stock. in a research report on Tuesday, September 10th. Finally, Robert W. Baird set a $121.00 target price on Extra Space Storage and gave the company a “hold” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. Extra Space Storage presently has a consensus rating of “Hold” and an average target price of $117.04.

Shares of NYSE EXR traded up $0.02 during trading on Friday, reaching $116.12. The stock had a trading volume of 1,005,726 shares, compared to its average volume of 841,883. Extra Space Storage has a one year low of $83.70 and a one year high of $124.46. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.48 and a current ratio of 0.48. The stock has a market cap of $15.04 billion, a PE ratio of 24.87, a P/E/G ratio of 5.03 and a beta of 0.19. The firm’s 50 day moving average price is $118.24 and its two-hundred day moving average price is $107.76.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.90 dividend. The ex-dividend date is Friday, September 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.10%. Extra Space Storage’s dividend payout ratio (DPR) is 77.09%.

In other Extra Space Storage news, CEO Joseph D. Margolis sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $105.01, for a total value of $262,525.00. Following the transaction, the chief executive officer now directly owns 111,232 shares of the company’s stock, valued at approximately $11,680,472.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Spencer Kirk sold 248,103 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $121.33, for a total value of $30,102,336.99. Following the completion of the transaction, the director now directly owns 153,069 shares in the company, valued at $18,571,861.77. The disclosure for this sale can be found here. Insiders have sold a total of 265,524 shares of company stock worth $32,159,600 over the last three months. 3.29% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Signaturefd LLC increased its holdings in shares of Extra Space Storage by 103.4% in the 2nd quarter. Signaturefd LLC now owns 240 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 122 shares during the last quarter. FinTrust Capital Advisors LLC increased its holdings in shares of Extra Space Storage by 116.7% in the 2nd quarter. FinTrust Capital Advisors LLC now owns 234 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 126 shares during the last quarter. Bessemer Group Inc. increased its holdings in shares of Extra Space Storage by 2,577.8% in the 2nd quarter. Bessemer Group Inc. now owns 241 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 232 shares during the last quarter. CSat Investment Advisory L.P. increased its holdings in shares of Extra Space Storage by 68.5% in the 2nd quarter. CSat Investment Advisory L.P. now owns 406 shares of the real estate investment trust’s stock valued at $43,000 after acquiring an additional 165 shares during the last quarter. Finally, Advisory Services Network LLC increased its holdings in shares of Extra Space Storage by 87.1% in the 2nd quarter. Advisory Services Network LLC now owns 593 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 276 shares during the last quarter. Institutional investors and hedge funds own 97.28% 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, 2018, the Company owned and/or operated 1,647 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 125.7 million square feet of rentable space.

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