Extra Space Storage, Inc. (EXR) Declares $0.78 Quarterly Dividend
Extra Space Storage, Inc. (NYSE:EXR) announced a quarterly dividend on Friday, February 16th, Wall Street Journal reports. Investors of record on Thursday, March 15th will be given a dividend of 0.78 per share by the real estate investment trust on Thursday, March 29th. This represents a $3.12 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Wednesday, March 14th.
Extra Space Storage has increased its dividend payment by an average of 32.5% per year over the last three years and has increased its dividend every year for the last 7 years. Extra Space Storage has a dividend payout ratio of 71.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Extra Space Storage to earn $4.72 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 66.1%.
Shares of Extra Space Storage (NYSE:EXR) opened at $87.56 on Tuesday. Extra Space Storage has a twelve month low of $71.34 and a twelve month high of $88.56. The firm has a market capitalization of $11,115.25, a price-to-earnings ratio of 20.18, a P/E/G ratio of 3.37 and a beta of 0.25. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.67.
In related news, EVP James Overturf sold 880 shares of Extra Space Storage stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $82.88, for a total transaction of $72,934.40. Following the completion of the sale, the executive vice president now directly owns 79,935 shares of the company’s stock, valued at $6,625,012.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kenneth M. Woolley sold 2,195 shares of Extra Space Storage stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $86.44, for a total value of $189,735.80. Following the sale, the insider now directly owns 807,444 shares of the company’s stock, valued at $69,795,459.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 53,470 shares of company stock valued at $4,632,976. 3.72% of the stock is owned by insiders.
Several research firms have recently commented on EXR. Zacks Investment Research raised Extra Space Storage from a “hold” rating to a “buy” rating and set a $97.00 target price for the company in a research note on Tuesday, March 6th. Jefferies Group set a $90.00 target price on Extra Space Storage and gave the company a “hold” rating in a research note on Tuesday, November 28th. Cantor Fitzgerald set a $86.00 target price on Extra Space Storage and gave the company a “hold” rating in a research note on Thursday, March 8th. Wells Fargo & Co set a $93.00 target price on Extra Space Storage and gave the company a “buy” rating in a research note on Thursday, November 30th. Finally, Robert W. Baird reissued a “buy” rating and issued a $92.00 target price on shares of Extra Space Storage in a research note on Wednesday, November 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $86.92.
Extra Space Storage announced that its board has approved a stock buyback plan on Monday, November 13th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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