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

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

In other news, SVP Grace Kunde sold 1,738 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $120.45, for a total transaction of $209,342.10. Following the completion of the sale, the senior vice president now directly owns 7,202 shares of the company’s stock, valued at $867,480.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP James Overturf sold 880 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $111.78, for a total value of $98,366.40. Following the sale, the executive vice president now directly owns 66,969 shares of the company’s stock, valued at $7,485,794.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 265,524 shares of company stock valued at $32,159,600. Insiders own 3.29% of the company’s stock.

A number of large investors have recently bought and sold shares of EXR. Signaturefd LLC raised its position in Extra Space Storage by 103.4% during the second quarter. Signaturefd LLC now owns 240 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 122 shares during the period. FinTrust Capital Advisors LLC raised its position in Extra Space Storage by 116.7% during the second quarter. FinTrust Capital Advisors LLC now owns 234 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 126 shares during the period. Bessemer Group Inc. raised its position in Extra Space Storage by 2,577.8% during the second quarter. Bessemer Group Inc. now owns 241 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 232 shares during the period. CSat Investment Advisory L.P. raised its position in Extra Space Storage by 68.5% during the second quarter. CSat Investment Advisory L.P. now owns 406 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 165 shares during the period. Finally, Advisory Services Network LLC raised its position in Extra Space Storage by 87.1% during the second quarter. Advisory Services Network LLC now owns 593 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 276 shares during the period. 97.28% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently commented 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 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 report on Thursday, August 22nd. Stifel Nicolaus assumed coverage on Extra Space Storage in a report on Monday, August 19th. They set a “buy” rating and a $131.00 target price for the company. Robert W. Baird set a $121.00 target price on Extra Space Storage and gave the company a “hold” rating in a report on Wednesday, August 21st. Finally, Zacks Investment Research downgraded Extra Space Storage from a “buy” rating to a “hold” rating and set a $125.00 target price for the company. in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. Extra Space Storage currently has an average rating of “Hold” and a consensus price target of $117.04.

NYSE:EXR traded up $0.02 during trading hours on Friday, hitting $116.12. 1,005,726 shares of the company’s stock traded hands, compared to its average volume of 841,883. The firm has a market cap of $15.04 billion, a P/E ratio of 24.87, a P/E/G ratio of 5.03 and a beta of 0.19. Extra Space Storage has a twelve month low of $83.70 and a twelve month 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’s fifty day moving average price is $118.24 and its two-hundred day moving average price is $107.76.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 3.10%. The ex-dividend date is Friday, September 13th. Extra Space Storage’s payout ratio is 77.09%.

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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