Extra Space Storage (NYSE:EXR) Issues FY 2024 Earnings Guidance

Extra Space Storage (NYSE:EXR - Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 8.000-8.150 for the period, compared to the consensus EPS estimate of 8.080. The company issued revenue guidance of -. Extra Space Storage also updated its FY24 guidance to $8.00-8.15 EPS.

Extra Space Storage Stock Down 1.1 %

Extra Space Storage stock traded down $1.84 during midday trading on Tuesday, reaching $165.62. The company's stock had a trading volume of 1,311,467 shares, compared to its average volume of 1,036,606. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market capitalization of $35.07 billion, a P/E ratio of 37.30, a PEG ratio of 6.25 and a beta of 0.86. The stock's 50-day simple moving average is $174.53 and its 200-day simple moving average is $159.97. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $184.87.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage's dividend payout ratio (DPR) is presently 144.32%.

Analysts Set New Price Targets

EXR has been the subject of several research reports. Jefferies Financial Group upgraded shares of Extra Space Storage from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. StockNews.com upgraded Extra Space Storage from a "sell" rating to a "hold" rating in a research note on Tuesday, July 23rd. Royal Bank of Canada assumed coverage on Extra Space Storage in a research report on Tuesday, September 10th. They issued a "sector perform" rating and a $180.00 target price on the stock. Bank of America cut shares of Extra Space Storage from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $175.00 price objective on shares of Extra Space Storage in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Extra Space Storage presently has an average rating of "Hold" and a consensus price target of $171.07.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction on Tuesday, October 1st. The shares were 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 of the company's stock, valued at $4,318,398.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP William N. Springer sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at $2,089,758.27. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares of the company's stock, valued at $4,318,398.80. This trade represents a 0.00 % decrease in their ownership of the stock. 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 quarter. 1.36% of the stock is currently owned by corporate 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.

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