Extra Space Storage (NYSE:EXR) Announces Earnings Results, Misses Expectations By $0.93 EPS

Extra Space Storage (NYSE:EXR) posted its earnings results on Tuesday. The real estate investment trust reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.93), FiscalAI reports. Extra Space Storage had a return on equity of 7.36% and a net margin of 29.90%. The company had revenue of $889.79 million for the quarter, compared to analyst estimates of $886.61 million. During the same quarter in the previous year, the firm posted $2.08 earnings per share. Extra Space Storage’s quarterly revenue was up 3.6% compared to the same quarter last year.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded up $1.60 during trading hours on Friday, reaching $151.50. The stock had a trading volume of 1,713,514 shares, compared to its average volume of 1,345,352. The company has a market cap of $32.01 billion, a price-to-earnings ratio of 30.79, a PEG ratio of 4.43 and a beta of 1.07. The business’s fifty day moving average is $138.55 and its two-hundred day moving average is $142.35. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.25 and a quick ratio of 1.56. Extra Space Storage has a twelve month low of $125.71 and a twelve month high of $158.88.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, September 15th. Extra Space Storage’s dividend payout ratio (DPR) is 131.71%.

Analysts Set New Price Targets

Several analysts have recently issued reports on EXR shares. Mizuho lowered their price target on shares of Extra Space Storage from $155.00 to $152.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 2nd. Wells Fargo & Company lowered their price target on shares of Extra Space Storage from $158.00 to $157.00 and set an “overweight” rating for the company in a report on Tuesday, September 1st. Barclays raised their price target on shares of Extra Space Storage from $170.00 to $172.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Wall Street Zen raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Raymond James Financial initiated coverage on Extra Space Storage in a research report on Thursday, July 16th. They issued an “outperform” rating and a $44.00 target price on the stock. Eight research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.60.

Extra Space Storage Company Profile

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.