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

Extra Space Storage (NYSE:EXR) announced its earnings results on Tuesday. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12), Zacks reports. The firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. Extra Space Storage’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business earned $2.02 earnings per share. 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 Price Performance

Extra Space Storage stock traded down $0.75 during midday trading on Friday, reaching $162.55. The company had a trading volume of 345,875 shares, compared to its average volume of 1,037,047. Extra Space Storage has a 12-month low of $104.72 and a 12-month high of $184.87. The firm’s fifty day simple moving average is $174.12 and its 200-day simple moving average is $160.20. 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 has a market capitalization of $34.45 billion, a P/E ratio of 43.04, a P/E/G ratio of 6.20 and a beta of 0.86.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.99%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Buying and Selling at Extra Space Storage

In other news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction that occurred on 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 sale, the executive vice president now owns 11,919 shares in the company, valued at approximately $2,089,758.27. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock valued at $3,367,307 over the last quarter. 1.36% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on EXR shares. Barclays boosted their target price on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday. Royal Bank of Canada started coverage on shares of Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective on the stock. Raymond James lifted their target price on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. KeyCorp upped their price target on shares of Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Finally, Scotiabank raised their price target on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a report on Thursday, August 22nd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $171.07.

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.