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

Extra Space Storage (NYSE:EXR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 8.000-8.150 for the period, compared to the consensus EPS estimate of 8.080. The company issued revenue guidance of -. Extra Space Storage also updated its FY24 guidance to $8.00-8.15 EPS.

Extra Space Storage Price Performance

EXR stock traded down $1.02 during mid-day trading on Friday, hitting $162.28. 264,920 shares of the stock were exchanged, compared to its average volume of 1,036,666. Extra Space Storage has a 12 month low of $104.72 and a 12 month high of $184.87. 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 business has a fifty day moving average price of $174.12 and a 200 day moving average price of $160.20. The stock has a market capitalization of $34.39 billion, a price-to-earnings ratio of 43.04, a PEG ratio of 6.20 and a beta of 0.86.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). 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 the consensus estimate of $826.93 million. During the same period last year, the firm posted $2.02 EPS. The company’s revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts anticipate that Extra Space Storage will post 8.08 EPS for the current year.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued 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 (DPR) is 169.63%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays boosted their price target on Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research report on Monday. Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a report on Monday, October 21st. Royal Bank of Canada initiated coverage on Extra Space Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday. Finally, Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $171.07.

Insider Transactions at Extra Space Storage

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 transaction of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at $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 available 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 transaction of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at $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 available through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,970 shares of company stock valued at $3,367,307. 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.