Extra Space Storage (NYSE:EXR) Issues 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 Trading Down 0.6 %

NYSE:EXR traded down $1.02 during mid-day trading on Friday, hitting $162.28. The company had a trading volume of 264,920 shares, compared to its average volume of 1,036,666. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.20 and a current ratio of 0.23. Extra Space Storage has a fifty-two week low of $104.72 and a fifty-two week high of $184.87. The firm has a market cap of $34.39 billion, a P/E ratio of 43.04, a P/E/G ratio of 6.20 and a beta of 0.86. The business’s fifty day moving average is $174.12 and its two-hundred day moving average is $160.20.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The company had revenue of $824.80 million for the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $2.02 EPS. As a group, research analysts expect that Extra Space Storage will post 8.08 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.99%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday. Raymond James boosted their target price on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Scotiabank boosted their price target on Extra Space Storage from $159.00 to $169.00 and gave the company a “sector underperform” rating in a research note on Thursday, August 22nd. Truist Financial boosted their price target on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 price target on shares of Extra Space Storage in a research note on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $171.07.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now directly owns 404,306 shares of the company’s stock, valued at approximately $71,655,152.38. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,970 shares of company stock worth $3,367,307. 1.36% of the stock is currently 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.