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

Extra Space Storage (NYSE:EXR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $7.95-$8.15 for the period, compared to the consensus earnings per share estimate of $8.02.

Extra Space Storage Stock Down 0.7 %

Shares of NYSE:EXR traded down $1.11 during trading on Tuesday, reaching $162.88. The stock had a trading volume of 859,974 shares, compared to its average volume of 1,072,381. The firm’s 50-day simple moving average is $154.65 and its 200 day simple moving average is $147.31. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.73. Extra Space Storage has a one year low of $101.19 and a one year high of $171.46. The company has a market capitalization of $34.49 billion, a P/E ratio of 36.30, a PEG ratio of 3.47 and a beta of 0.83.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend was Friday, June 14th. Extra Space Storage’s dividend payout ratio is currently 144.32%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on EXR. Raymond James raised their price objective on Extra Space Storage from $160.00 to $175.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd. StockNews.com upgraded shares of Extra Space Storage from a sell rating to a hold rating in a report on Tuesday, July 23rd. Scotiabank increased their price objective on shares of Extra Space Storage from $140.00 to $159.00 and gave the company a sector underperform rating in a research report on Friday, July 19th. Barclays upped their price target on shares of Extra Space Storage from $157.00 to $158.00 and gave the company an overweight rating in a research note on Monday, May 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an overweight rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $157.67.

Insider Activity at Extra Space Storage

In other news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the sale, the director now directly owns 5,229 shares in the company, valued at approximately $775,042.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Joseph J. Bonner sold 677 shares of Extra Space Storage stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the sale, the director now owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the completion of the sale, the chief executive officer now owns 31,690 shares in the company, valued at approximately $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is owned by company 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.