Extra Space Storage (NYSE:EXR) Posts Earnings Results, Misses Expectations By $1.12 EPS

Extra Space Storage (NYSE:EXR) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($1.12), Zacks reports. Extra Space Storage had a return on equity of 5.40% and a net margin of 25.82%. The company had revenue of $810.66 million for the quarter, compared to the consensus estimate of $815.52 million. During the same quarter in the prior year, the company earned $2.06 EPS. The company’s revenue for the quarter was up 58.5% on a year-over-year basis. Extra Space Storage updated its FY24 guidance to $7.95-$8.15 EPS and its FY 2024 guidance to 7.950-8.150 EPS.

Extra Space Storage Stock Performance

EXR opened at $159.49 on Thursday. The firm has a market cap of $33.77 billion, a P/E ratio of 35.52, a price-to-earnings-growth ratio of 3.44 and a beta of 0.83. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $171.46. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.15 and a current ratio of 0.15. The business’s fifty day moving average is $155.26 and its 200-day moving average is $147.47.

Extra Space Storage Dividend Announcement

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

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Monday, July 1st. The stock was 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 approximately $4,835,260.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Joseph J. Bonner sold 677 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $152.58, for a total value of $1,144,350.00. Following the completion of the sale, the chief executive officer now directly owns 31,690 shares in the company, valued at $4,835,260.20. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

Analysts Set New Price Targets

EXR has been the topic of a number of research analyst reports. Evercore ISI increased their price target on Extra Space Storage from $140.00 to $151.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Barclays increased their price target on Extra Space Storage from $157.00 to $158.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Citigroup dropped their price target on Extra Space Storage from $168.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, June 7th. Finally, Scotiabank increased their price target on Extra Space Storage from $140.00 to $159.00 and gave the company a “sector underperform” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $157.67.

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.