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

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

Extra Space Storage Price Performance

Shares of NYSE EXR traded down $3.61 during trading on Wednesday, reaching $159.49. The company had a trading volume of 1,687,733 shares, compared to its average volume of 1,078,528. The stock has a market capitalization of $33.77 billion, a PE ratio of 35.52, a price-to-earnings-growth ratio of 3.46 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 has a twelve month low of $101.19 and a twelve month high of $171.46. The stock has a 50-day moving average price of $155.26 and a two-hundred day moving average price of $147.47.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $2.00 by ($1.12). The business had revenue of $810.66 million during the quarter, compared to analysts’ expectations of $815.52 million. Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. Extra Space Storage’s revenue for the quarter was up 58.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.06 EPS. As a group, sell-side analysts predict 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. Stockholders of record on Friday, June 14th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on EXR shares. Evercore ISI lifted their price objective on Extra Space Storage from $140.00 to $151.00 and gave the company an in-line rating in a research report on Monday, July 15th. Barclays lifted their price objective on Extra Space Storage from $157.00 to $158.00 and gave the company an overweight rating in a research report on Monday, May 20th. Wells Fargo & Company boosted their price target on Extra Space Storage from $160.00 to $175.00 and gave the company an overweight rating in a research report on Friday, July 26th. Raymond James boosted their price target 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, Citigroup lowered their price target on Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a research report on Friday, June 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Extra Space Storage presently has an average rating of Hold and an average price target of $157.67.

Insiders Place Their Bets

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 31,690 shares in the company, valued at $4,835,260.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Joseph J. Bonner sold 677 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now owns 5,229 shares in the company, valued at $775,042.38. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the transaction, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

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.