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

Extra Space Storage Inc. (NYSE:EXR) declared a quarterly dividend on Friday, November 15th,RTT News reports. Stockholders of record on Monday, December 16th will be paid a dividend of 1.62 per share by the real estate investment trust on Tuesday, December 31st. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.94%.

Extra Space Storage has raised its dividend by an average of 21.6% annually over the last three years. Extra Space Storage has a payout ratio of 140.6% 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 $8.33 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 77.8%.

Extra Space Storage Trading Up 0.7 %

EXR opened at $164.56 on Friday. The stock has a market cap of $34.88 billion, a PE ratio of 43.08, a price-to-earnings-growth ratio of 8.26 and a beta of 0.87. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a twelve month low of $125.32 and a twelve month high of $184.87. The company has a fifty day moving average of $171.50 and a 200-day moving average of $162.46.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The business had revenue of $824.80 million for the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.02 earnings per share. On average, sell-side analysts predict that Extra Space Storage will post 8.09 EPS for the current year.

Analysts Set New Price Targets

EXR has been the topic of several recent analyst reports. StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. KeyCorp increased their target price on shares of Extra Space Storage from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Barclays raised their price target on shares of Extra Space Storage from $188.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Truist Financial upped their price objective on shares of Extra Space Storage from $152.00 to $167.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Royal Bank of Canada assumed coverage on Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $171.50.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were 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 in the company, valued at $4,318,398.80. This represents a 23.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kenneth M. Woolley sold 6,647 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the transaction, the director now directly owns 404,306 shares in the company, valued at $71,655,152.38. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,970 shares of company stock worth $3,367,307 over the last 90 days. 1.36% of the stock is currently 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.