Extra Space Storage (NYSE:EXR) Announces Earnings Results

Extra Space Storage (NYSE:EXR) posted its quarterly earnings results on Sunday. The real estate investment trust reported $1.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.35 by ($0.16), MarketWatch Earnings reports. The company had revenue of $301.10 million during the quarter, compared to the consensus estimate of $293.09 million. Extra Space Storage had a net margin of 34.54% and a return on equity of 16.54%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share.

Extra Space Storage stock traded up $7.13 during mid-day trading on Tuesday, reaching $127.87. 22,319 shares of the company were exchanged, compared to its average volume of 789,375. The company has a fifty day simple moving average of $114.75 and a 200-day simple moving average of $112.13. Extra Space Storage has a 12 month low of $72.70 and a 12 month high of $121.83. The company has a debt-to-equity ratio of 1.91, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market cap of $16.80 billion, a PE ratio of 35.83, a PEG ratio of 5.80 and a beta of 0.17.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 31st. Shareholders of record on Monday, March 15th will be paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend is Friday, March 12th. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.90. Extra Space Storage’s dividend payout ratio (DPR) is 73.77%.

A number of analysts have recently issued reports on the company. Zacks Investment Research cut Extra Space Storage from a “buy” rating to a “hold” rating and set a $118.00 price objective for the company. in a research report on Tuesday, January 12th. Truist raised Extra Space Storage from a “hold” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Friday, January 22nd. KeyCorp raised Extra Space Storage from a “sector weight” rating to an “overweight” rating and set a $124.00 price objective for the company in a research report on Friday, November 13th. JPMorgan Chase & Co. raised Extra Space Storage from a “neutral” rating to an “overweight” rating and set a $124.00 price objective for the company in a research report on Monday, December 21st. Finally, Raymond James raised Extra Space Storage from a “market perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, February 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. Extra Space Storage presently has an average rating of “Buy” and a consensus price target of $116.00.

In other Extra Space Storage news, CEO Joseph D. Margolis sold 2,500 shares of the firm’s stock in a transaction on Wednesday, December 23rd. The stock was sold at an average price of $115.10, for a total transaction of $287,750.00. Following the transaction, the chief executive officer now owns 115,300 shares in the company, valued at approximately $13,271,030. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.64% of the stock is owned by company insiders.

Extra Space Storage Company Profile

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 September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.

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