Extra Space Storage Inc. (NYSE:EXR) Declares $1.62 Quarterly Dividend

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

Extra Space Storage has increased its dividend payment by an average of 21.6% per year over the last three years. Extra Space Storage has a dividend payout ratio of 140.6% meaning 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 Price Performance

EXR traded up $1.13 during trading on Friday, hitting $164.56. 1,131,206 shares of the company traded hands, compared to its average volume of 1,037,505. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. The company has a market cap of $34.88 billion, a PE ratio of 42.89, a P/E/G ratio of 8.26 and a beta of 0.87. The stock’s 50-day simple moving average is $171.68 and its two-hundred day simple moving average is $162.27. Extra Space Storage has a 1 year low of $125.32 and a 1 year high of $184.87.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.02 EPS. As a group, sell-side analysts anticipate that Extra Space Storage will post 8.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on EXR. Truist Financial raised their target price on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. KeyCorp boosted their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a report on Monday, September 9th. Raymond James increased their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Royal Bank of Canada initiated coverage on Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price objective on the stock. Finally, Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $172.00 to $155.00 in a report on Monday, August 5th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Extra Space Storage has a consensus rating of “Hold” and an average target price of $171.50.

Insider Buying and Selling

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This trade represents a 23.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the sale, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at approximately $2,089,758.27. This trade represents a 14.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock valued at $3,367,307 in the last 90 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.