Q4 EPS Forecast for Extra Space Storage Lowered by Analyst

Extra Space Storage Inc. (NYSE:EXR) – Investment analysts at Zacks Research dropped their Q4 2024 earnings per share estimates for shares of Extra Space Storage in a research note issued to investors on Tuesday, November 19th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will post earnings of $2.01 per share for the quarter, down from their previous forecast of $2.03. The consensus estimate for Extra Space Storage’s current full-year earnings is $8.09 per share. Zacks Research also issued estimates for Extra Space Storage’s Q1 2025 earnings at $1.97 EPS, Q2 2025 earnings at $2.08 EPS, Q3 2025 earnings at $2.11 EPS, Q4 2025 earnings at $2.08 EPS and FY2025 earnings at $8.25 EPS.

A number of other analysts have also issued reports on EXR. Royal Bank of Canada started coverage on Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price target on the stock. KeyCorp increased their price target 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. Wells Fargo & Company reissued an “equal weight” rating and set a $175.00 price objective on shares of Extra Space Storage in a research note on Monday, October 21st. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and increased their target price for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Finally, Evercore ISI reduced their price objective on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $171.50.

Extra Space Storage Price Performance

EXR stock opened at $165.04 on Thursday. The stock has a market capitalization of $34.99 billion, a price-to-earnings ratio of 43.20, a price-to-earnings-growth ratio of 8.34 and a beta of 0.87. The stock’s fifty day simple moving average is $171.06 and its 200-day simple moving average is $163.16. Extra Space Storage has a 52-week low of $125.32 and a 52-week high of $184.87. 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 (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.12). The company had revenue of $824.80 million during the quarter, compared to analysts’ expectations of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.02 earnings per share.

Hedge Funds Weigh In On Extra Space Storage

Several large investors have recently bought and sold shares of the stock. Gateway Investment Advisers LLC acquired a new stake in Extra Space Storage in the second quarter worth approximately $16,026,000. MADDEN SECURITIES Corp acquired a new position in shares of Extra Space Storage in the 2nd quarter worth $1,002,000. Tidal Investments LLC lifted its position in shares of Extra Space Storage by 262.5% in the 1st quarter. Tidal Investments LLC now owns 12,967 shares of the real estate investment trust’s stock valued at $1,906,000 after acquiring an additional 9,390 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Extra Space Storage by 53.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,738 shares of the real estate investment trust’s stock valued at $1,824,000 after purchasing an additional 4,102 shares during the period. Finally, Czech National Bank raised its holdings in shares of Extra Space Storage by 8.5% during the second quarter. Czech National Bank now owns 40,346 shares of the real estate investment trust’s stock worth $6,270,000 after acquiring an additional 3,172 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the transaction, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares in the company, valued at $967,119.12. This trade represents a 34.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,051 shares of company stock valued at $3,874,316 in the last ninety days. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Monday, December 16th. Extra Space Storage’s payout ratio is 169.63%.

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.