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

Extra Space Storage (NYSE:EXR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $7.85-8.15 for the period, compared to the consensus EPS estimate of $8.01. Extra Space Storage also updated its FY 2024 guidance to 7.850-8.150 EPS.

Extra Space Storage Stock Performance

EXR traded up $1.09 during trading hours on Thursday, hitting $139.79. The stock had a trading volume of 1,586,453 shares, compared to its average volume of 1,189,539. The company’s fifty day simple moving average is $141.55 and its 200 day simple moving average is $138.54. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $164.99. The stock has a market cap of $29.58 billion, a PE ratio of 31.20, a price-to-earnings-growth ratio of 3.30 and a beta of 0.76. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.71.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a return on equity of 7.28% and a net margin of 29.10%. The firm had revenue of $797.77 million during the quarter, compared to analysts’ expectations of $778.05 million. During the same period last year, the business posted $2.09 EPS. The company’s revenue was up 57.4% compared to the same quarter last year. Equities analysts anticipate that Extra Space Storage will post 8.05 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $1.62 dividend. The ex-dividend date was Thursday, March 14th. This represents a $6.48 dividend on an annualized basis and a yield of 4.64%. Extra Space Storage’s payout ratio is 144.32%.

Wall Street Analyst Weigh In

EXR has been the subject of a number of recent research reports. Scotiabank initiated coverage on Extra Space Storage in a research report on Tuesday, February 13th. They issued a sector underperform rating and a $131.00 target price for the company. Wells Fargo & Company boosted their target price on Extra Space Storage from $150.00 to $160.00 and gave the stock an overweight rating in a research report on Friday, April 5th. Barclays initiated coverage on Extra Space Storage in a research report on Wednesday, March 27th. They issued an overweight rating and a $157.00 target price for the company. StockNews.com downgraded Extra Space Storage from a hold rating to a sell rating in a research report on Saturday, March 2nd. Finally, Raymond James restated an outperform rating and issued a $160.00 target price on shares of Extra Space Storage in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $149.67.

Insiders Place Their Bets

In other news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares of the company’s stock, valued at $13,785,693.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the transaction, the executive vice president now directly owns 37,028 shares of the company’s stock, valued at $5,369,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock valued at $514,819 in the last ninety days. Company insiders own 1.36% of the company’s stock.

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 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.