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

Extra Space Storage (NYSE:EXR) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $7.85-8.15 for the period, compared to the consensus EPS estimate of $8.01.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded down $3.10 during midday trading on Tuesday, reaching $134.28. 1,800,208 shares of the company’s stock traded hands, compared to its average volume of 1,174,740. The company has a market cap of $28.42 billion, a P/E ratio of 27.81, a PEG ratio of 3.28 and a beta of 0.74. The company has a fifty day simple moving average of $141.78 and a two-hundred day simple moving average of $138.42. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $164.99.

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

Extra Space Storage Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Extra Space Storage in a 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 objective on shares of Extra Space Storage from $150.00 to $160.00 and gave the company an overweight rating in a report on Friday, April 5th. The Goldman Sachs Group lifted their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a buy rating in a research note on Thursday, January 11th. StockNews.com cut shares of Extra Space Storage from a hold rating to a sell rating in a research note on Saturday, March 2nd. Finally, TheStreet raised shares of Extra Space Storage from a c+ rating to a b- rating in a research report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $150.17.

Insider Activity at Extra Space Storage

In other news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The stock was 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 $13,785,693.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $145.00, for a total value of $195,750.00. Following the completion of the sale, the executive vice president now directly owns 37,028 shares in the company, valued at approximately $5,369,060. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is currently owned by company 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.