Extra Space Storage (NYSE:EXR) Releases Quarterly Earnings Results, Misses Estimates By $1.12 EPS

Extra Space Storage (NYSE:EXR) posted its earnings results on Tuesday. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12), Zacks reports. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. During the same period last year, the business earned $2.02 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Extra Space Storage updated its FY24 guidance to $8.00-8.15 EPS and its FY 2024 guidance to 8.000-8.150 EPS.

Extra Space Storage Stock Performance

Shares of EXR stock traded down $1.11 during trading hours on Friday, reaching $162.19. 335,188 shares of the company’s stock were exchanged, compared to its average volume of 1,036,997. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.20. The company’s 50 day moving average is $174.12 and its two-hundred day moving average is $160.20. The company has a market cap of $34.37 billion, a P/E ratio of 43.04, a price-to-earnings-growth ratio of 6.20 and a beta of 0.86. Extra Space Storage has a 1 year low of $104.72 and a 1 year high of $184.87.

Extra Space Storage Announces Dividend

The firm also recently announced 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 4.00%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage’s payout ratio is 169.63%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. KeyCorp lifted their target price on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th. Royal Bank of Canada assumed coverage on Extra Space Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. Wells Fargo & Company reissued an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Jefferies Financial Group raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and lifted their target price for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Finally, StockNews.com downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Extra Space Storage has an average rating of “Hold” and an average price target of $171.07.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total value of $350,660.00. Following the completion of the transaction, the executive vice president now owns 11,919 shares in the company, valued at approximately $2,089,758.27. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the stock in a transaction dated 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 transaction, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the business’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 value of $1,338,900.00. Following the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock worth $3,367,307 over the last three months. 1.36% of the stock is currently 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.