Extra Space Storage Inc. Plans Quarterly Dividend of $1.62 (NYSE:EXR)

Extra Space Storage Inc. (NYSE:EXR) declared a quarterly dividend on Friday, February 21st, RTT News reports. Shareholders of record on Friday, March 14th will be paid a dividend of 1.62 per share by the real estate investment trust on Monday, March 31st. This represents a $6.48 dividend on an annualized basis and a yield of 4.16%.

Extra Space Storage has increased its dividend by an average of 12.9% per year over the last three years. Extra Space Storage has a dividend payout ratio of 132.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Extra Space Storage to earn $8.34 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 77.7%.

Extra Space Storage Trading Down 0.1 %

Extra Space Storage stock traded down $0.09 during trading hours on Friday, reaching $155.85. The company had a trading volume of 1,124,671 shares, compared to its average volume of 1,237,376. 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 company has a 50-day moving average price of $151.65 and a 200 day moving average price of $163.74. The firm has a market cap of $33.04 billion, a price-to-earnings ratio of 40.80, a P/E/G ratio of 7.65 and a beta of 0.91. Extra Space Storage has a 12-month low of $131.02 and a 12-month high of $184.87.

Analyst Ratings Changes

A number of brokerages have recently weighed in on EXR. Scotiabank upgraded Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective on the stock in a research report on Friday, January 10th. Truist Financial lifted their price objective 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 upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Wells Fargo & Company cut their price objective on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, Barclays cut their price objective on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage presently has an average rating of “Hold” and an average target price of $173.09.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction 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 approximately $2,470,286.90. The trade was a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.36% of the stock is currently 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.