Extra Space Storage Inc. (NYSE:EXR) Plans $1.62 Quarterly Dividend

Extra Space Storage Inc. (NYSE:EXR) declared a quarterly dividend on Friday, February 21st, RTT News reports. Stockholders of record on Friday, March 14th will be given a dividend of 1.62 per share by the real estate investment trust on Monday, March 31st. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.16%.

Extra Space Storage has raised its dividend by an average of 12.9% annually over the last three years. Extra Space Storage has a dividend payout ratio of 132.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Extra Space Storage to earn $8.34 per share next year, which means the company should continue to be able to cover its $6.48 annual dividend with an expected future payout ratio of 77.7%.

Extra Space Storage Price Performance

EXR stock traded down $0.09 during trading on Friday, hitting $155.85. 1,124,676 shares of the stock traded hands, compared to its average volume of 1,207,282. Extra Space Storage has a one year low of $131.02 and a one year high of $184.87. The stock has a market cap of $33.04 billion, a price-to-earnings ratio of 40.80, a P/E/G ratio of 7.76 and a beta of 0.91. The company has a 50 day simple moving average of $151.65 and a 200 day simple moving average of $163.74. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wells Fargo & Company cut their price target 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. Barclays cut their price target on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial lifted their price target on shares of Extra Space Storage from $167.00 to $168.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Scotiabank upgraded shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price objective for the company in a research report on Friday, January 10th. Finally, StockNews.com upgraded shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Extra Space Storage presently has an average rating of “Hold” and an average price target of $173.09.

Insider Transactions at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on Thursday, January 2nd. The shares were 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 of the company’s stock, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.36% of the stock is owned by corporate 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.