Extra Space Storage (NYSE:EXR) Releases FY 2024 Earnings Guidance

Extra Space Storage (NYSE:EXR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 8.000-8.150 for the period, compared to the consensus earnings per share estimate of 8.080. The company issued revenue guidance of -. Extra Space Storage also updated its FY24 guidance to $8.00-8.15 EPS.

Extra Space Storage Stock Down 1.1 %

Shares of NYSE EXR traded down $1.84 during mid-day trading on Tuesday, hitting $165.62. The company had a trading volume of 1,311,467 shares, compared to its average volume of 1,036,606. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76. The firm has a 50-day simple moving average of $174.46 and a two-hundred day simple moving average of $160.15. The company has a market capitalization of $35.07 billion, a PE ratio of 36.89, a price-to-earnings-growth ratio of 6.25 and a beta of 0.86. Extra Space Storage has a one year low of $101.19 and a one year high of $184.87.

Extra Space Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is currently 144.32%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on EXR. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Evercore ISI cut their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the company from $162.00 to $204.00 in a research note on Wednesday, September 18th. Finally, Raymond James increased their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $171.07.

Insider Activity at Extra Space Storage

In other news, 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 transaction of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP William N. Springer sold 2,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at $2,089,758.27. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock valued at $3,367,307 in the last 90 days. 1.36% of the stock is 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.