Extra Space Storage Inc. to Issue Quarterly Dividend of $1.62 (NYSE:EXR)

Extra Space Storage Inc. (NYSE:EXR) announced a quarterly dividend on Friday, February 21st, RTT News reports. Stockholders of record on Friday, March 14th will be given a dividend of 1.62 per share by the real estate investment trust on Monday, March 31st. This represents a $6.48 annualized dividend and a dividend yield of 4.16%.

Extra Space Storage has raised its dividend payment by an average of 12.9% per year over the last three years. Extra Space Storage has a dividend payout ratio of 132.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Extra Space Storage to earn $8.34 per share next year, which means the company should continue to be able to cover its $6.48 annual dividend with an expected future payout ratio of 77.7%.

Extra Space Storage Trading Down 0.1 %

EXR stock traded down $0.09 during trading on Friday, hitting $155.85. The company had a trading volume of 1,124,671 shares, compared to its average volume of 1,237,376. The business has a 50-day moving average of $151.65 and a 200-day moving average of $163.74. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The stock has a market cap of $33.04 billion, a PE ratio of 40.80, a PEG ratio of 7.65 and a beta of 0.91. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a research report on Friday, January 10th. Wells Fargo & Company lowered their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday. Truist Financial upped their price objective on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Finally, Barclays reduced their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $173.09.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.36% of the stock is owned by corporate 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.