Q4 EPS Estimate for Extra Space Storage Decreased by Analyst

Extra Space Storage Inc. (NYSE:EXR) – Equities research analysts at Zacks Research dropped their Q4 2024 earnings estimates for shares of Extra Space Storage in a report issued on Tuesday, November 19th. Zacks Research analyst R. Department now expects that the real estate investment trust will post earnings per share of $2.01 for the quarter, down from their prior estimate of $2.03. The consensus estimate for Extra Space Storage’s current full-year earnings is $8.09 per share. Zacks Research also issued estimates for Extra Space Storage’s Q1 2025 earnings at $1.97 EPS, Q2 2025 earnings at $2.08 EPS, Q3 2025 earnings at $2.11 EPS, Q4 2025 earnings at $2.08 EPS and FY2025 earnings at $8.25 EPS.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $826.93 million. During the same quarter last year, the firm posted $2.02 EPS. The business’s revenue was up 10.2% on a year-over-year basis.

EXR has been the subject of a number of other reports. KeyCorp upped their price target 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. Evercore ISI dropped their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Barclays upped their target price on shares of Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and cut their price target for the company from $172.00 to $155.00 in a report on Monday, August 5th. Finally, Truist Financial boosted their price objective on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $171.50.

Extra Space Storage Price Performance

Shares of EXR stock opened at $165.04 on Thursday. 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 firm has a market cap of $34.99 billion, a price-to-earnings ratio of 43.20, a PEG ratio of 8.34 and a beta of 0.87. The stock has a 50-day moving average price of $171.06 and a 200 day moving average price of $163.16. Extra Space Storage has a 12 month low of $125.32 and a 12 month high of $184.87.

Hedge Funds Weigh In On Extra Space Storage

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Graypoint LLC increased its stake in shares of Extra Space Storage by 4.3% during the third quarter. Graypoint LLC now owns 1,575 shares of the real estate investment trust’s stock valued at $284,000 after buying an additional 65 shares during the period. Hummer Financial Advisory Services Inc raised its holdings in Extra Space Storage by 1.2% in the 3rd quarter. Hummer Financial Advisory Services Inc now owns 5,920 shares of the real estate investment trust’s stock worth $1,067,000 after purchasing an additional 70 shares in the last quarter. Buckley Wealth Management LLC lifted its position in shares of Extra Space Storage by 1.9% in the 3rd quarter. Buckley Wealth Management LLC now owns 3,811 shares of the real estate investment trust’s stock worth $687,000 after purchasing an additional 71 shares during the period. Massmutual Trust Co. FSB ADV increased its position in shares of Extra Space Storage by 19.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock valued at $72,000 after buying an additional 76 shares during the period. Finally, Bleakley Financial Group LLC raised its stake in Extra Space Storage by 4.1% in the third quarter. Bleakley Financial Group LLC now owns 1,973 shares of the real estate investment trust’s stock worth $356,000 after buying an additional 77 shares in the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

Insider Activity at Extra Space Storage

In other news, Director Diane Olmstead sold 3,081 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now owns 5,877 shares of the company’s stock, valued at approximately $967,119.12. This represents a 34.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,051 shares of company stock worth $3,874,316. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 annualized dividend and a dividend yield of 3.93%. Extra Space Storage’s payout ratio is presently 169.63%.

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.