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 EPS guidance of 8.000-8.150 for the period, compared to the consensus EPS estimate of 8.080. The company issued revenue guidance of -. Extra Space Storage also updated its FY24 guidance to $8.00-8.15 EPS.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Royal Bank of Canada assumed coverage on shares of Extra Space Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $180.00 price target on the stock. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Bank of America cut shares of 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 report on Monday, August 5th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and upped their price objective for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Finally, Raymond James lifted their target price on Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Two equities research 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’s stock. Based on data from MarketBeat, Extra Space Storage presently has a consensus rating of “Hold” and an average target price of $171.07.

Extra Space Storage Stock Down 1.1 %

EXR traded down $1.84 on Tuesday, reaching $165.62. The company’s stock had a trading volume of 1,311,467 shares, compared to its average volume of 1,036,606. The company has a market capitalization of $35.07 billion, a price-to-earnings ratio of 37.30, a P/E/G ratio of 6.25 and a beta of 0.86. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week 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 stock has a 50 day moving average of $174.53 and a two-hundred day moving average of $159.97.

Extra Space Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend was Monday, September 16th. Extra Space Storage’s payout ratio is 144.32%.

Insider Buying and Selling

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 32,855 shares in the company, valued at $5,815,663.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other 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 transaction, the executive vice president now directly owns 11,919 shares of the company’s stock, valued at $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 is available through this link. Also, 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 transaction of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares of the company’s stock, valued at approximately $5,815,663.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock worth $3,367,307 in the last ninety days. 1.36% of the stock is owned by corporate insiders.

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.