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

Extra Space Storage (NYSE:EXR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 7.950-8.150 for the period, compared to the consensus estimate of 8.040. The company issued revenue guidance of -. Extra Space Storage also updated its FY24 guidance to $7.95-$8.15 EPS.

Analyst Ratings Changes

EXR has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an overweight rating in a report on Friday, July 26th. Raymond James boosted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. StockNews.com raised shares of Extra Space Storage from a sell rating to a hold rating in a research report on Tuesday, July 23rd. Evercore ISI boosted their price objective on shares of Extra Space Storage from $140.00 to $151.00 and gave the company an in-line rating in a research report on Monday, July 15th. Finally, Barclays boosted their price objective on shares of Extra Space Storage from $157.00 to $158.00 and gave the company an overweight rating in a research report on Monday, May 20th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $157.67.

Extra Space Storage Stock Performance

NYSE EXR traded down $3.61 on Wednesday, hitting $159.49. The stock had a trading volume of 1,687,733 shares, compared to its average volume of 1,078,528. Extra Space Storage has a one year low of $101.19 and a one year high of $171.46. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.73. The stock has a market cap of $33.77 billion, a price-to-earnings ratio of 35.52, a P/E/G ratio of 3.46 and a beta of 0.83. The company’s 50-day moving average is $155.26 and its two-hundred day moving average is $147.47.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($1.12). The company had revenue of $810.66 million during the quarter, compared to the consensus estimate of $815.52 million. Extra Space Storage had a net margin of 29.10% and a return on equity of 6.76%. The company’s revenue was up 58.5% on a year-over-year basis. During the same quarter last year, the business earned $2.06 earnings per share. On average, analysts expect that Extra Space Storage will post 8.04 earnings per share for the current year.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend was Friday, June 14th. Extra Space Storage’s dividend payout ratio (DPR) is presently 144.32%.

Insider Activity

In other news, Director Joseph J. Bonner sold 677 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 5,229 shares in the company, valued at $775,042.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Joseph J. Bonner sold 677 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $148.22, for a total transaction of $100,344.94. Following the completion of the sale, the director now directly owns 5,229 shares of the company’s stock, valued at $775,042.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 31,690 shares of the company’s stock, valued at $4,835,260.20. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

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.