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

Extra Space Storage (NYSE:EXR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 7.850-8.150 for the period, compared to the consensus earnings per share estimate of 8.030. The company issued revenue guidance of -. Extra Space Storage also updated its FY24 guidance to $7.85-8.15 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Raymond James restated an outperform rating and issued a $160.00 target price on shares of Extra Space Storage in a report on Thursday, March 28th. Wells Fargo & Company upped their price target on Extra Space Storage from $150.00 to $160.00 and gave the stock an overweight rating in a report on Friday, April 5th. StockNews.com lowered Extra Space Storage from a hold rating to a sell rating in a report on Saturday, March 2nd. TheStreet upgraded Extra Space Storage from a c+ rating to a b- rating in a report on Thursday, January 11th. Finally, Barclays started coverage on Extra Space Storage in a report on Wednesday, March 27th. They set an overweight rating and a $157.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Extra Space Storage has a consensus rating of Hold and an average price target of $150.17.

Extra Space Storage Stock Performance

Shares of NYSE EXR traded down $3.11 during trading hours on Tuesday, reaching $134.27. The stock had a trading volume of 1,800,216 shares, compared to its average volume of 1,174,740. The business’s fifty day moving average is $141.64 and its two-hundred day moving average is $138.54. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market cap of $28.41 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 3.28 and a beta of 0.74. Extra Space Storage has a twelve month low of $101.19 and a twelve month high of $164.99.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.01). Extra Space Storage had a net margin of 31.81% and a return on equity of 8.34%. The firm had revenue of $797.77 million during the quarter, compared to analyst estimates of $778.05 million. During the same quarter in the previous year, the company posted $2.09 earnings per share. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, research analysts expect that Extra Space Storage will post 8.05 EPS for the current year.

Extra Space Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a dividend of $1.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.48 annualized dividend and a yield of 4.83%. Extra Space Storage’s dividend payout ratio is currently 131.17%.

Insiders Place Their Bets

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total transaction of $195,750.00. Following the completion of the transaction, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CMO Samrat Sondhi sold 2,048 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $146.46, for a total transaction of $299,950.08. Following the sale, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gwyn Goodson Mcneal sold 1,350 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now owns 37,028 shares in the company, valued at approximately $5,369,060. The disclosure for this sale can be found here. Insiders sold 3,532 shares of company stock worth $514,819 over the last three months. 1.36% of the stock is currently 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.