Extra Space Storage (NYSE:EXR) Issues FY24 Earnings Guidance

by · The Cerbat Gem

Extra Space Storage (NYSE:EXR – Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $8.00-8.15 for the period, compared to the consensus earnings per share estimate of $7.99. Extra Space Storage also updated its FY 2024 guidance to 8.000-8.150 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Evercore ISI dropped their price target on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Bank of America cut shares of Extra Space Storage from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Raymond James upped their price target on shares of Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their price target for the stock from $162.00 to $204.00 in a research note on Wednesday, September 18th. Finally, Barclays upped their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Extra Space Storage presently has an average rating of “Hold” and an average price target of $171.07.

View Our Latest Research Report on EXR

Extra Space Storage Stock Performance

Shares of NYSE EXR traded down $1.42 during midday trading on Thursday, hitting $163.32. 1,332,460 shares of the company’s stock traded hands, compared to its average volume of 1,040,323. Extra Space Storage has a 1 year low of $101.19 and a 1 year high of $184.87. The stock has a market capitalization of $34.61 billion, a price-to-earnings ratio of 42.75, a price-to-earnings-growth ratio of 6.25 and a beta of 0.86. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a fifty day moving average of $174.12 and a 200 day moving average of $160.20.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.97%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s payout ratio is currently 169.63%.

Insider Activity

In other news, EVP William N. Springer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total transaction of $350,660.00. Following the completion of the sale, the executive vice president now owns 11,919 shares of the company’s stock, valued at $2,089,758.27. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related 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 completion of the transaction, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Gwyn Goodson Mcneal sold 2,823 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the transaction, the executive vice president now owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock valued at $3,367,307 in the last quarter. 1.36% of the stock is currently owned by insiders.

Extra Space Storage Company Profile

(Get Free Report)

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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