Extra Space Storage (NYSE:EXR) Updates FY 2024 Earnings Guidance

Extra Space Storage (NYSE:EXR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 7.950-8.150 for the period, compared to the consensus earnings per share estimate of 8.040. The company issued revenue guidance of -. Extra Space Storage also updated its FY24 guidance to $7.95-$8.15 EPS.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded up $4.03 during midday trading on Friday, reaching $163.89. The company’s stock had a trading volume of 400,543 shares, compared to its average volume of 1,075,350. Extra Space Storage has a 12-month low of $101.19 and a 12-month high of $171.46. The firm has a 50 day moving average price of $155.60 and a 200-day moving average price of $147.56. The stock has a market capitalization of $34.70 billion, a P/E ratio of 35.98, a PEG ratio of 3.36 and a beta of 0.83. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.15 and a quick ratio of 0.15.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.88 earnings per share for the quarter, missing the consensus estimate of $2.00 by ($1.12). The firm had revenue of $810.66 million during the quarter, compared to the consensus estimate of $815.52 million. Extra Space Storage had a return on equity of 5.40% and a net margin of 25.82%. The company’s revenue for the quarter was up 58.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.06 EPS. As a group, equities analysts predict that Extra Space Storage will post 8.04 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $1.62 per share. The ex-dividend date was Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 3.95%. Extra Space Storage’s payout ratio is 144.32%.

Analyst Upgrades and Downgrades

EXR has been the topic of several research reports. Wells Fargo & Company lifted their price objective 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. Barclays lifted their target price on shares of Extra Space Storage from $157.00 to $158.00 and gave the company an overweight rating in a report on Monday, May 20th. Citigroup lowered their target price on shares of Extra Space Storage from $168.00 to $160.00 and set a neutral rating for the company in a report on Friday, June 7th. Raymond James lifted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an outperform rating in a report on Tuesday, July 23rd. Finally, Scotiabank boosted their price objective on shares of Extra Space Storage from $140.00 to $159.00 and gave the stock a sector underperform rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $157.67.

Insider Buying and Selling at Extra Space Storage

In other news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the sale, the director now directly owns 5,229 shares in the company, valued at approximately $775,042.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Joseph J. Bonner sold 677 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the sale, the director now directly owns 5,229 shares in the company, valued at approximately $775,042.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the sale, the chief executive officer now owns 31,690 shares in the company, valued at $4,835,260.20. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

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.