Extra Space Storage Inc. (EXR) To Go Ex-Dividend on September 16th

Extra Space Storage Inc. (NYSE:EXR) declared a quarterly dividend on Monday, August 19th, RTT News reports. Stockholders of record on Monday, September 16th will be given a dividend of 1.62 per share by the real estate investment trust on Monday, September 30th. This represents a $6.48 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Monday, September 16th.

Extra Space Storage has raised its dividend payment by an average of 21.6% per year over the last three years. Extra Space Storage has a dividend payout ratio of 137.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Extra Space Storage to earn $8.31 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 78.0%.

Extra Space Storage Stock Up 0.3 %

EXR stock opened at $177.90 on Friday. The business’s 50-day simple moving average is $167.71 and its 200 day simple moving average is $153.38. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.76. The company has a market cap of $37.70 billion, a PE ratio of 39.62, a price-to-earnings-growth ratio of 2.56 and a beta of 0.86. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $179.23.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EXR. Evercore ISI upped their target price on Extra Space Storage from $166.00 to $167.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Royal Bank of Canada assumed coverage on shares of Extra Space Storage in a report on Tuesday. They set a “sector perform” rating and a $180.00 price objective for the company. Citigroup decreased their target price on shares of Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, June 7th. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $168.36.

Insider Activity

In related news, 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 transaction, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of Extra Space Storage stock in a transaction on Friday, August 23rd. The stock was 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 of the company’s stock, valued at approximately $5,815,663.55. The transaction was disclosed in a legal 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 on Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now directly owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,323 shares of company stock worth $1,994,709. 1.36% of the stock is owned by corporate insiders.

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.