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

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on EXR shares. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Scotiabank upped their target price on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Bank of America lowered Extra Space Storage from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Finally, Evercore ISI reduced 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage has an average rating of “Hold” and an average target price of $171.07.

Extra Space Storage Stock Down 0.6 %

NYSE:EXR traded down $0.95 during trading hours on Wednesday, reaching $164.67. The company had a trading volume of 1,119,339 shares, compared to its average volume of 1,035,676. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $184.87. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.76. The firm has a market cap of $34.86 billion, a price-to-earnings ratio of 37.19, a P/E/G ratio of 6.25 and a beta of 0.86. The business’s 50-day simple moving average is $174.46 and its two-hundred day simple moving average is $160.15.

Extra Space Storage Dividend Announcement

The company also recently declared 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 was Monday, September 16th. This represents a $6.48 annualized dividend and a yield of 3.94%. Extra Space Storage’s payout ratio is currently 144.32%.

Insider Buying and Selling at Extra Space Storage

In related news, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value 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 approximately $2,089,758.27. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP William N. Springer sold 2,000 shares of the firm’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 value of $350,660.00. Following the transaction, the executive vice president now owns 11,919 shares in the company, valued at $2,089,758.27. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction 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 of the company’s stock, 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. Over the last quarter, insiders sold 18,970 shares of company stock valued at $3,367,307. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Company Profile

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.