Extra Space Storage (NYSE:EXR) Releases FY24 Earnings Guidance

Extra Space Storage (NYSE:EXR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $8.00-8.15 for the period, compared to the consensus earnings per share estimate of $7.99.

Extra Space Storage Stock Performance

EXR traded down $1.84 during trading on Tuesday, hitting $165.62. The stock had a trading volume of 1,311,469 shares, compared to its average volume of 1,036,487. Extra Space Storage has a one year low of $101.19 and a one year high of $184.87. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market cap of $35.07 billion, a price-to-earnings ratio of 37.30, a P/E/G ratio of 6.25 and a beta of 0.86. The company has a 50 day moving average price of $174.53 and a 200-day moving average price of $159.97.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis 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 presently 144.32%.

Analyst Ratings Changes

EXR has been the subject of several research analyst reports. Scotiabank boosted their target price on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and raised their target price for the company from $162.00 to $204.00 in a research report on Wednesday, September 18th. Royal Bank of Canada started coverage on Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price target for the company. Evercore ISI lowered their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, KeyCorp increased their target price on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Monday, September 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $171.07.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Extra Space Storage news, Director Kenneth M. Woolley sold 6,647 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $177.23, for a total value of $1,178,047.81. Following the transaction, the director now directly owns 404,306 shares in the company, valued at $71,655,152.38. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,970 shares of company stock valued at $3,367,307. Company 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.