Extra Space Storage (NYSE:EXR) Issues Quarterly Earnings Results, Misses Expectations By $0.16 EPS


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Extra Space Storage (NYSE:EXR) posted its earnings results on Monday. The real estate investment trust reported $1.19 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.16), MarketWatch Earnings reports. Extra Space Storage had a return on equity of 16.54% and a net margin of 34.54%. The business had revenue of $301.10 million for the quarter, compared to analyst estimates of $293.09 million. During the same quarter in the prior year, the business earned $0.82 earnings per share. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. Extra Space Storage updated its FY 2021
After-Hours guidance to 5.85-6.05 EPS and its FY21 guidance to $5.85-$6.05 EPS.

EXR stock traded up $1.11 during midday trading on Tuesday, reaching $120.74. 1,223,791 shares of the company’s stock traded hands, compared to its average volume of 789,375. The company has a market cap of $15.86 billion, a price-to-earnings ratio of 35.83, a P/E/G ratio of 5.80 and a beta of 0.17. The firm’s fifty day moving average price is $114.75 and its 200-day moving average price is $112.13. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.91. Extra Space Storage has a 52 week low of $72.70 and a 52 week high of $121.83.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 31st. Stockholders of record on Monday, March 15th will be paid a $1.00 dividend. The ex-dividend date is Friday, March 12th. This represents a $4.00 annualized dividend and a dividend yield of 3.31%. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.90. Extra Space Storage’s payout ratio is currently 73.77%.

In other Extra Space Storage news, CEO Joseph D. Margolis sold 2,500 shares of the business’s stock in a transaction on Wednesday, December 23rd. The shares were sold at an average price of $115.10, for a total transaction of $287,750.00. Following the completion of the sale, the chief executive officer now owns 115,300 shares in the company, valued at approximately $13,271,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.64% of the company’s stock.

Several equities research analysts recently commented on EXR shares. Truist upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Friday, January 22nd. Zacks Investment Research downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating and set a $118.00 price target on the stock. in a research report on Tuesday, January 12th. KeyCorp upgraded shares of Extra Space Storage from a “sector weight” rating to an “overweight” rating and set a $124.00 price target on the stock in a research report on Friday, November 13th. Morgan Stanley boosted their price target on shares of Extra Space Storage from $94.00 to $107.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 9th. Finally, JPMorgan Chase & Co. upgraded shares of Extra Space Storage from a “neutral” rating to an “overweight” rating and set a $124.00 price target on the stock in a research report on Monday, December 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. Extra Space Storage presently has a consensus rating of “Buy” and an average price target of $116.00.

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 September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.

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Earnings History for Extra Space Storage (NYSE:EXR)

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