Extra Space Storage Inc. (EXR) to Distribute Quarterly Dividend of $1.62 on December 31st

Extra Space Storage Inc. (NYSE:EXR) announced a quarterly dividend on Friday, November 15th,RTT News reports. Shareholders of record on Monday, December 16th will be paid a dividend of 1.62 per share by the real estate investment trust on Tuesday, December 31st. This represents a $6.48 dividend on an annualized basis and a yield of 3.94%.

Extra Space Storage has raised its dividend by an average of 21.6% annually over the last three years. Extra Space Storage has a payout ratio of 140.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Extra Space Storage to earn $8.33 per share next year, which means the company should continue to be able to cover its $6.48 annual dividend with an expected future payout ratio of 77.8%.

Extra Space Storage Stock Performance

Shares of EXR opened at $164.56 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The stock has a 50 day moving average price of $171.50 and a two-hundred day moving average price of $162.46. The firm has a market capitalization of $34.88 billion, a P/E ratio of 43.08, a P/E/G ratio of 8.29 and a beta of 0.87. Extra Space Storage has a 52 week low of $125.32 and a 52 week high of $184.87.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The business had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.02 earnings per share. Equities analysts forecast that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 23.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the sale, the executive vice president now owns 32,855 shares in the company, valued at $5,815,663.55. This trade represents a 7.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,970 shares of company stock worth $3,367,307 over the last 90 days. Corporate insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on EXR. Royal Bank of Canada began coverage on Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price for the company. Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $172.00 to $155.00 in a report on Monday, August 5th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their target price for the company from $162.00 to $204.00 in a report on Wednesday, September 18th. Evercore ISI reduced their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Truist Financial increased their price objective on Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus price target of $171.50.

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.