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

Extra Space Storage (NYSE:EXR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 8.000-8.150 for the period, compared to the consensus 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 0.9 %

Shares of EXR traded down $1.42 during mid-day trading on Thursday, reaching $163.32. The company had a trading volume of 1,332,460 shares, compared to its average volume of 1,040,323. 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 50-day moving average price of $174.12 and a 200 day moving average price of $160.20. Extra Space Storage has a 52 week low of $101.19 and a 52 week high of $184.87. The company 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.

Extra Space Storage Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on EXR shares. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $172.00 to $155.00 in a research report on Monday, August 5th. StockNews.com cut Extra Space Storage from a “hold” rating to a “sell” rating in a research report on Thursday. Barclays upped their price objective on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research report on Monday. KeyCorp upped their price objective on Extra Space Storage from $172.00 to $178.00 and gave the company an “overweight” rating in a research report 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 price objective on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $171.07.

Insider Transactions at Extra Space Storage

In other news, 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 value of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares in the company, valued at $4,318,398.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the sale, the executive vice president now owns 32,855 shares in the company, valued at approximately $5,815,663.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,970 shares of company stock worth $3,367,307 in the last three months. Corporate 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.