Extra Space Storage (NYSE:EXR) Announces Earnings Results

Extra Space Storage (NYSE:EXR) announced its earnings results on Tuesday. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.93, Zacks reports. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%.

Extra Space Storage Price Performance

NYSE:EXR traded up $2.24 on Tuesday, hitting $161.28. The company had a trading volume of 1,437,039 shares, compared to its average volume of 1,251,625. Extra Space Storage has a 52 week low of $131.02 and a 52 week high of $184.87. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $34.19 billion, a price-to-earnings ratio of 42.22, a PEG ratio of 7.76 and a beta of 0.91. The firm has a 50 day moving average of $151.68 and a two-hundred day moving average of $163.71.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.02%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 169.63%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EXR. Scotiabank raised Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a research report on Friday, January 10th. Wells Fargo & Company cut their target price on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday. Truist Financial raised their price target on Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Finally, Barclays reduced their price objective on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $173.09.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total value of $1,110,075.00. Following the completion of the transaction, the chief executive officer now directly owns 16,690 shares in the company, valued at approximately $2,470,286.90. This represents a 31.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.36% of the company’s stock.

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.