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

Extra Space Storage (NYSE:EXR - Get Free Report) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.03 by ($1.12), Zacks reports. The business had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.02 EPS. Extra Space Storage updated its FY24 guidance to $8.00-8.15 EPS and its FY 2024 guidance to 8.000-8.150 EPS.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded down $2.17 during mid-day trading on Friday, reaching $161.13. 749,569 shares of the company were exchanged, compared to its average volume of 1,038,952. Extra Space Storage has a twelve month low of $104.72 and a twelve month high of $184.87. The stock has a market capitalization of $34.15 billion, a P/E ratio of 42.18, a P/E/G ratio of 6.20 and a beta of 0.86. The company's 50-day simple moving average is $173.78 and its 200-day simple moving average is $160.37. The company has a quick ratio of 0.20, a current ratio of 0.23 and a debt-to-equity ratio of 0.77.

Extra Space Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were issued a $1.62 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $6.48 annualized dividend and a dividend yield of 4.02%. Extra Space Storage's dividend payout ratio is currently 169.63%.

Analyst Upgrades and Downgrades

EXR has been the topic of a number of research analyst reports. Raymond James raised their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Tuesday, July 23rd. Royal Bank of Canada initiated coverage on Extra Space Storage in a research report on Tuesday, September 10th. They set a "sector perform" rating and a $180.00 price objective for the company. Scotiabank lifted their target price on Extra Space Storage from $159.00 to $169.00 and gave the company a "sector underperform" rating in a research report on Thursday, August 22nd. Truist Financial upped their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a "hold" rating in a research report on Friday, August 16th. Finally, Jefferies Financial Group raised shares of Extra Space Storage from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Extra Space Storage currently has a consensus rating of "Hold" and a consensus target price of $171.07.

Insider Buying and Selling at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 24,190 shares in the company, valued at $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Extra Space Storage news, Director Kenneth M. Woolley sold 6,647 shares of Extra Space Storage stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total value of $1,178,047.81. Following the completion of the sale, the director now owns 404,306 shares in the company, valued at $71,655,152.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction that occurred 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 owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 0.00 % 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 valued at $3,367,307 in the last three months. 1.36% of the stock is currently owned by company 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.