Extra Space Storage (NYSE:EXR) Posts Quarterly Earnings Results, Beats Estimates By $0.93 EPS

Extra Space Storage (NYSE:EXR) posted its quarterly earnings data on Tuesday. The real estate investment trust reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93, Zacks reports. The firm had revenue of $821.90 million for the quarter, compared to analysts’ expectations 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 Stock Down 4.5 %

Shares of EXR opened at $154.05 on Thursday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 52-week low of $131.02 and a 52-week high of $184.87. The company has a market cap of $32.66 billion, a PE ratio of 40.33, a P/E/G ratio of 7.76 and a beta of 0.91. The business has a fifty day moving average of $151.94 and a 200 day moving average of $163.62.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Friday, March 14th. Extra Space Storage’s dividend payout ratio is currently 160.40%.

Insider Activity

In related news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now directly owns 16,690 shares of the company’s stock, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.36% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a report on Friday, January 10th. Wells Fargo & Company decreased their price target on Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Truist Financial lifted their target price on Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Finally, Barclays reduced their price objective on shares of 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 equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $173.09.

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.