Extra Space Storage (NYSE:EXR) Releases Earnings Results, Beats Expectations By $0.93 EPS

Extra Space Storage (NYSE:EXR) posted its earnings results on Tuesday. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.93, Zacks reports. The firm had revenue of $821.90 million for the quarter, compared to the consensus estimate of $707.34 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. Extra Space Storage updated its FY 2025 guidance to 8.000-8.300 EPS.

Extra Space Storage Price Performance

Shares of NYSE:EXR traded down $5.98 during trading on Wednesday, hitting $155.30. 197,450 shares of the company’s stock were exchanged, compared to its average volume of 1,220,739. The business’s 50-day simple moving average is $151.81 and its 200 day simple moving average is $163.69. The company has a market cap of $32.92 billion, a price-to-earnings ratio of 40.52, a PEG ratio of 7.76 and a beta of 0.91. Extra Space Storage has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend is Friday, March 14th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a research note on Friday, January 10th. Truist Financial raised their price objective on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Finally, Barclays reduced their price target on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $173.09.

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.36% of the stock is owned by insiders.

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.