Extra Space Storage (NYSE:EXR) Posts Earnings Results, Beats Expectations By $0.93 EPS

Extra Space Storage (NYSE:EXR) announced its quarterly earnings results on Tuesday. The real estate investment trust reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.93, Zacks reports. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $821.90 million during the quarter, compared to analyst estimates of $707.34 million. Extra Space Storage updated its FY 2025 guidance to 8.000-8.300 EPS.

Extra Space Storage Trading Down 3.7 %

EXR stock traded down $5.98 during mid-day trading on Wednesday, reaching $155.30. The company had a trading volume of 197,450 shares, compared to its average volume of 1,220,739. The firm has a 50 day moving average of $151.81 and a 200 day moving average of $163.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.23 and a quick ratio of 0.23. Extra Space Storage has a 12 month low of $131.02 and a 12 month high of $184.87. The company has a market capitalization of $32.92 billion, a PE ratio of 40.52, a price-to-earnings-growth ratio of 7.76 and a beta of 0.91.

Extra Space Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 4.17%. The ex-dividend date is Friday, March 14th. Extra Space Storage’s dividend payout ratio is presently 169.63%.

Analyst Ratings Changes

A number of research firms recently weighed in on EXR. Wells Fargo & Company cut their target price on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Truist Financial upped their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target for the company in a report on Friday, January 10th. StockNews.com upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. Finally, Barclays dropped their target price on Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Extra Space Storage presently has an average rating of “Hold” and a consensus target price of $173.09.

Insiders Place Their Bets

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the transaction, the chief executive officer now owns 16,690 shares in the company, valued at approximately $2,470,286.90. This trade represents a 31.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.36% of the stock is currently owned by company 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.