Extra Space Storage (NYSE:EXR) Announces Quarterly Earnings Results

Extra Space Storage (NYSE:EXR) released its quarterly earnings data on Tuesday. The real estate investment trust reported $2.03 earnings per share for the quarter, beating 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 Stock Performance

Shares of Extra Space Storage stock traded up $2.24 during trading hours on Tuesday, reaching $161.28. The company had a trading volume of 1,436,997 shares, compared to its average volume of 1,241,518. The firm has a market cap of $34.19 billion, a PE ratio of 42.22, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. The business has a fifty day simple moving average of $151.68 and a 200 day simple moving average of $163.71.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.02%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Analyst Ratings Changes

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

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated 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 owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.36% of the stock is currently owned by corporate insiders.

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.