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

Extra Space Storage (NYSE:EXR) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 7.850-8.150 for the period, compared to the consensus EPS estimate of 8.030. The company issued revenue guidance of -. Extra Space Storage also updated its FY24 guidance to $7.85-8.15 EPS.

Analyst Upgrades and Downgrades

Several research firms recently commented on EXR. Deutsche Bank Aktiengesellschaft began coverage on shares of Extra Space Storage in a research report on Tuesday, January 30th. They issued a hold rating and a $141.00 price target for the company. Wells Fargo & Company upped their price target on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an overweight rating in a research report on Friday, April 5th. StockNews.com downgraded shares of Extra Space Storage from a hold rating to a sell rating in a research report on Saturday, March 2nd. Scotiabank started coverage on shares of Extra Space Storage in a research report on Tuesday, February 13th. They issued a sector underperform rating and a $131.00 price target for the company. Finally, TheStreet raised shares of Extra Space Storage from a c+ rating to a b- rating in a research note on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Extra Space Storage presently has a consensus rating of Hold and an average target price of $150.17.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded down $3.11 on Tuesday, reaching $134.27. 1,800,216 shares of the company were exchanged, compared to its average volume of 1,174,740. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.71. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $164.99. The firm has a market cap of $28.41 billion, a price-to-earnings ratio of 27.18, a price-to-earnings-growth ratio of 3.28 and a beta of 0.74. The company has a 50-day moving average of $141.64 and a 200-day moving average of $138.54.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The company had revenue of $797.77 million for the quarter, compared to analyst estimates of $778.05 million. During the same period last year, the company earned $2.09 earnings per share. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. Equities analysts forecast that Extra Space Storage will post 8.05 earnings per share for the current fiscal year.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $1.62 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.83%. Extra Space Storage’s dividend payout ratio is presently 131.17%.

Insider Buying and Selling

In related news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the sale, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Extra Space Storage news, CMO Samrat Sondhi sold 2,048 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at approximately $13,785,693.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the transaction, the executive vice president now owns 37,028 shares in the company, valued at $5,369,060. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock worth $514,819 in the last three months. Corporate insiders own 1.36% of the company’s stock.

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.