Extra Space Storage Inc. (NYSE:EXR) Announces $1.62 Quarterly Dividend

Extra Space Storage Inc. (NYSE:EXR) declared a quarterly dividend on Friday, November 15th,RTT News reports. Stockholders of record on Monday, December 16th will be paid a dividend of 1.62 per share by the real estate investment trust on Tuesday, December 31st. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.94%.

Extra Space Storage has increased its dividend by an average of 21.6% per year over the last three years. Extra Space Storage has a dividend payout ratio of 140.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Extra Space Storage to earn $8.33 per share next year, which means the company should continue to be able to cover its $6.48 annual dividend with an expected future payout ratio of 77.8%.

Extra Space Storage Stock Up 0.7 %

EXR stock traded up $1.13 during trading on Friday, reaching $164.56. 1,131,206 shares of the company traded hands, compared to its average volume of 1,037,505. The company has a market capitalization of $34.88 billion, a price-to-earnings ratio of 42.89, a price-to-earnings-growth ratio of 8.26 and a beta of 0.87. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The business has a 50 day simple moving average of $171.68 and a 200 day simple moving average of $162.27. Extra Space Storage has a 12 month low of $125.32 and a 12 month high of $184.87.

Extra Space Storage (NYSE:EXR) last released its quarterly 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). The firm had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.02 earnings per share. On average, equities research analysts anticipate that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total transaction of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares of the company’s stock, valued at $5,815,663.55. This trade represents a 7.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 approximately $2,089,758.27. This trade represents a 14.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,970 shares of company stock valued at $3,367,307 over the last 90 days. Insiders own 1.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Jefferies Financial Group upgraded Extra Space Storage from a “hold” rating to a “buy” rating and increased their price objective for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $172.00 to $155.00 in a report on Monday, August 5th. Raymond James upped their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Royal Bank of Canada started coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price for the company. Finally, Evercore ISI dropped their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $171.50.

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.