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

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

Extra Space Storage Stock Performance

Extra Space Storage stock traded down $3.10 during trading on Tuesday, hitting $134.28. The stock had a trading volume of 1,800,208 shares, compared to its average volume of 1,174,740. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average is $141.78 and its two-hundred day moving average is $138.42. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $164.99. The stock has a market cap of $28.42 billion, a price-to-earnings ratio of 27.81, a price-to-earnings-growth ratio of 3.28 and a beta of 0.74.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). The firm had revenue of $797.77 million for the quarter, compared to analysts’ expectations of $778.05 million. Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.09 EPS. As a group, analysts predict that Extra Space Storage will post 8.05 EPS for the current 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 paid a $1.62 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.83%. Extra Space Storage’s dividend payout ratio is 131.17%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on EXR shares. Barclays assumed coverage on Extra Space Storage in a research report on Wednesday, March 27th. They issued an overweight rating and a $157.00 price target for the company. Raymond James reaffirmed an outperform rating and set a $160.00 price objective on shares of Extra Space Storage in a research note on Thursday, March 28th. The Goldman Sachs Group upped their target price on shares of Extra Space Storage from $168.00 to $187.00 and gave the stock a buy rating in a report on Thursday, January 11th. Scotiabank assumed coverage on shares of Extra Space Storage in a research report on Tuesday, February 13th. They set a sector underperform rating and a $131.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Extra Space Storage in a report on Tuesday, January 30th. They issued a hold rating and a $141.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $150.17.

Insiders Place Their Bets

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