Extra Space Storage, Inc. (NYSE:EXR) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 5,170,700 shares, a drop of 11.2% from the May 30th total of 5,820,300 shares. Currently, 4.2% of the company’s stock are sold short. Based on an average daily trading volume, of 847,800 shares, the days-to-cover ratio is currently 6.1 days.
In related news, EVP James Overturf sold 880 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $100.84, for a total transaction of $88,739.20. Following the sale, the executive vice president now directly owns 69,609 shares in the company, valued at approximately $7,019,371.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP P Scott Stubbs sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $106.92, for a total value of $855,360.00. Following the sale, the vice president now owns 153,012 shares in the company, valued at $16,360,043.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,805 shares of company stock worth $2,429,222. Company insiders own 3.29% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. 6 Meridian grew its position in shares of Extra Space Storage by 1.8% in the 2nd quarter. 6 Meridian now owns 5,250 shares of the real estate investment trust’s stock worth $557,000 after acquiring an additional 94 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Extra Space Storage by 1.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 6,700 shares of the real estate investment trust’s stock worth $683,000 after acquiring an additional 100 shares in the last quarter. Stifel Financial Corp grew its position in shares of Extra Space Storage by 1.0% in the 4th quarter. Stifel Financial Corp now owns 15,356 shares of the real estate investment trust’s stock worth $1,393,000 after acquiring an additional 152 shares in the last quarter. Avitas Wealth Management LLC grew its position in shares of Extra Space Storage by 1.1% in the 1st quarter. Avitas Wealth Management LLC now owns 14,723 shares of the real estate investment trust’s stock worth $1,500,000 after acquiring an additional 158 shares in the last quarter. Finally, Wealthfront Advisers LLC grew its position in shares of Extra Space Storage by 0.9% in the 1st quarter. Wealthfront Advisers LLC now owns 17,768 shares of the real estate investment trust’s stock worth $1,811,000 after acquiring an additional 163 shares in the last quarter. Institutional investors own 99.90% of the company’s stock.
EXR stock traded up $0.26 during midday trading on Friday, hitting $110.86. 337,396 shares of the company’s stock were exchanged, compared to its average volume of 808,545. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.80. Extra Space Storage has a 12-month low of $83.70 and a 12-month high of $111.62. The business has a 50 day moving average of $107.84. The firm has a market capitalization of $14.13 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 4.72 and a beta of 0.23.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.02. Extra Space Storage had a return on equity of 16.56% and a net margin of 37.12%. The company had revenue of $271.00 million for the quarter, compared to the consensus estimate of $266.01 million. During the same period in the previous year, the business earned $1.09 EPS. Extra Space Storage’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, sell-side analysts forecast that Extra Space Storage will post 4.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, June 13th. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.86. This represents a $3.60 annualized dividend and a yield of 3.25%. Extra Space Storage’s payout ratio is currently 77.09%.
Several equities research analysts have issued reports on the company. BMO Capital Markets restated a “hold” rating and set a $45.00 price objective on shares of SAP in a report on Wednesday, May 1st. Evercore ISI downgraded Essex Property Trust from an “outperform” rating to an “in-line” rating in a report on Monday, April 1st. Raymond James set a $28.00 price objective on Wheaton Precious Metals and gave the stock a “buy” rating in a report on Thursday, March 21st. Finally, Zacks Investment Research downgraded Guaranty Federal Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $98.16.
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, 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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