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

Extra Space Storage Inc. (NYSE:EXR) announced a quarterly dividend on Friday, November 15th,RTT News reports. Shareholders of record on Monday, December 16th will be given a dividend of 1.62 per share by the real estate investment trust on Tuesday, December 31st. This represents a $6.48 dividend on an annualized basis and a yield of 3.94%.

Extra Space Storage has increased its dividend payment by an average of 21.6% annually over the last three years. Extra Space Storage has a payout ratio of 140.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Extra Space Storage to earn $8.33 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 77.8%.

Extra Space Storage Trading Up 0.7 %

NYSE EXR opened at $164.56 on Friday. The stock’s 50-day simple moving average is $171.50 and its two-hundred day simple moving average is $162.46. Extra Space Storage has a twelve month low of $125.32 and a twelve month high of $184.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $34.88 billion, a price-to-earnings ratio of 43.08, a PEG ratio of 8.29 and a beta of 0.87.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. During the same quarter in the previous year, the business earned $2.02 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts forecast that Extra Space Storage will post 8.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EXR. Raymond James raised their price objective on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. KeyCorp raised their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Barclays raised their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Royal Bank of Canada began coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective on the stock. Finally, StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $171.50.

Insiders Place Their Bets

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the sale, the executive vice president now directly owns 32,855 shares in the company, valued at $5,815,663.55. This trade represents a 7.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at $2,089,758.27. The trade was a 14.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock worth $3,367,307 over the last three months. Company insiders own 1.36% of the company’s stock.

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.