Extra Space Storage (NYSE:EXR) Announces Earnings Results

Extra Space Storage (NYSE:EXR) announced its quarterly earnings results on Tuesday. The real estate investment trust reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93, Zacks reports. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%.

Extra Space Storage Trading Up 1.4 %

EXR stock traded up $2.24 during mid-day trading on Tuesday, reaching $161.28. The company’s stock had a trading volume of 1,436,997 shares, compared to its average volume of 1,241,518. Extra Space Storage has a 12 month low of $131.02 and a 12 month high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The business’s 50 day moving average price is $151.68 and its 200 day moving average price is $163.71. The company has a market cap of $34.19 billion, a price-to-earnings ratio of 42.22, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $1.62 per share. The ex-dividend date is Friday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.02%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insiders Place Their Bets

In other 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 sale, the chief executive officer now directly 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 filing with the SEC, which is available at this link. Company insiders own 1.36% of the company’s stock.

Analysts Set New Price Targets

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

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, 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.