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

by · The Markets Daily

Extra Space Storage (NYSE:EXR – Get Free Report) announced its quarterly earnings data 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 company had revenue of $824.80 million for the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $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 Down 0.7 %

Shares of Extra Space Storage stock traded down $1.11 during trading hours on Friday, reaching $162.19. 335,188 shares of the company were exchanged, compared to its average volume of 1,036,997. The firm has a market cap of $34.37 billion, a PE ratio of 43.04, a PEG ratio of 6.20 and a beta of 0.86. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.20 and a current ratio of 0.23. Extra Space Storage has a 1 year low of $104.72 and a 1 year high of $184.87. The stock’s fifty day moving average is $174.12 and its 200 day moving average is $160.20.

Extra Space Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 4.00%. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Analyst Ratings Changes

A number of brokerages recently issued reports on EXR. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday. Wells Fargo & Company restated an “equal weight” rating and set a $175.00 price target on shares of Extra Space Storage in a report on Monday, October 21st. Evercore ISI decreased their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. KeyCorp raised their target price on Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Finally, Royal Bank of Canada started 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. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and a consensus target price of $171.07.

View Our Latest Analysis on Extra Space Storage

Insider Buying and Selling

In other news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total value of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the 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 sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at approximately $4,318,398.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction 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 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 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 three months. 1.36% of the stock is owned by corporate 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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