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

Extra Space Storage (NYSE:EXR) updated its FY24 earnings guidance on Tuesday morning. 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 also updated its FY 2024 guidance to 7.850-8.150 EPS.

Extra Space Storage Stock Performance

NYSE:EXR traded down $3.11 during trading hours on Tuesday, reaching $134.27. The company had a trading volume of 1,800,216 shares, compared to its average volume of 1,174,740. The business’s 50 day moving average price is $141.64 and its 200-day moving average price is $138.54. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $164.99. The firm has a market cap of $28.41 billion, a PE ratio of 27.18, a price-to-earnings-growth ratio of 3.28 and a beta of 0.74. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The company had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. During the same quarter last year, the company earned $2.09 earnings per share. Extra Space Storage’s revenue for the quarter was up 57.4% on a year-over-year basis. Research analysts forecast 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. Stockholders of record on Friday, March 15th were issued 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 dividend yield of 4.83%. Extra Space Storage’s payout ratio is currently 131.17%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on EXR shares. 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 target price for the company. TheStreet raised shares of Extra Space Storage from a c+ rating to a b- rating in a research report on Thursday, January 11th. StockNews.com downgraded shares of Extra Space Storage from a hold rating to a sell rating in a research report on Saturday, March 2nd. Barclays initiated coverage on Extra Space Storage in a research note on Wednesday, March 27th. They issued an overweight rating and a $157.00 target price on the stock. Finally, The Goldman Sachs Group lifted their price objective on shares of Extra Space Storage from $168.00 to $187.00 and gave the company a buy rating in a research note on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage has a consensus rating of Hold and an average target price of $150.17.

Insider Activity

In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’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 directly owns 37,028 shares in the company, valued at approximately $5,369,060. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the sale, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Samrat Sondhi sold 2,048 shares of Extra Space Storage stock in a transaction that occurred on 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 directly owns 94,126 shares in the company, valued at $13,785,693.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,532 shares of company stock worth $514,819. 1.36% of the stock is 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.