Extra Space Storage (NYSE:EXR) Updates FY24 Earnings Guidance

Extra Space Storage (NYSE:EXR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $7.95-$8.15 for the period, compared to the consensus estimate of $8.02. Extra Space Storage also updated its FY 2024 guidance to 7.950-8.150 EPS.

Extra Space Storage Trading Up 0.6 %

EXR stock traded up $0.90 during mid-day trading on Friday, reaching $160.76. 222,288 shares of the stock traded hands, compared to its average volume of 1,074,008. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $171.46. The stock’s fifty day moving average is $155.60 and its 200-day moving average is $147.56. The company has a market cap of $34.04 billion, a P/E ratio of 35.98, a P/E/G ratio of 3.36 and a beta of 0.83. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.73.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($1.12). Extra Space Storage had a net margin of 25.82% and a return on equity of 5.40%. The firm had revenue of $810.66 million for the quarter, compared to analyst estimates of $815.52 million. During the same quarter in the prior year, the firm earned $2.06 EPS. The firm’s revenue was up 58.5% compared to the same quarter last year. As a group, sell-side analysts expect that Extra Space Storage will post 8.04 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.03%. Extra Space Storage’s payout ratio is presently 144.32%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Scotiabank increased their price target on shares of Extra Space Storage from $140.00 to $159.00 and gave the stock a sector underperform rating in a research report on Friday, July 19th. StockNews.com upgraded shares of Extra Space Storage from a sell rating to a hold rating in a research report on Tuesday, July 23rd. Citigroup lowered their price target on shares of Extra Space Storage from $168.00 to $160.00 and set a neutral rating on the stock in a report on Friday, June 7th. Raymond James lifted their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. Finally, Wells Fargo & Company upped their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an overweight rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Extra Space Storage has an average rating of Hold and a consensus target price of $157.67.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the sale, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Extra Space Storage news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the transaction, 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 is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the sale, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is owned by company insiders.

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, 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.