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

Key Points

• Extra Space Storage declared a quarterly dividend of $1.62 per share, payable December 31 to shareholders of record December 15. The dividend annualizes to $6.48 per share, a yield of about 4.0%.
• The current dividend payout ratio is 135.8%, meaning earnings alone do not cover the payment; analysts expect next year’s earnings to lower the payout ratio to 75.7%.
• The REIT reported quarterly EPS of $1.17, below the $2.10 consensus estimate, while revenue of $889.79 million slightly exceeded expectations and grew 3.6% year over year.

Extra Space Storage Inc (NYSE:EXR - Get Free Report) announced a quarterly dividend on Thursday, November 5th. Shareholders of record on Tuesday, December 15th will be paid a dividend of $1.62 per share by the real estate investment trust on Thursday, December 31st. This represents a $6.48 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, December 15th.

Extra Space Storage has raised its dividend payment by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 1 years. Extra Space Storage has a dividend payout ratio of 135.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Extra Space Storage to earn $8.56 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 75.7%.

Extra Space Storage Price Performance

Shares of Extra Space Storage stock opened at $160.29 on Friday. The stock has a market capitalization of $33.46 billion, a price-to-earnings ratio of 19.08, a P/E/G ratio of 4.45 and a beta of 1.07. The firm's 50-day moving average price is $139.58 and its two-hundred day moving average price is $142.62. The company has a current ratio of 0.25, a quick ratio of 1.56 and a debt-to-equity ratio of 0.97. Extra Space Storage has a 1-year low of $125.71 and a 1-year high of $163.18.

Extra Space Storage (NYSE:EXR - Get Free Report) last posted its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.10 by ($0.93). The firm had revenue of $889.79 million during the quarter, compared to the consensus estimate of $886.61 million. Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The business's revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.08 EPS. On average, equities analysts predict that Extra Space Storage will post 8.46 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Barclays lifted their price objective on Extra Space Storage from $170.00 to $172.00 and gave the company an "overweight" rating in a research report on Friday, July 10th. BNP Paribas Exane increased their target price on Extra Space Storage from $156.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday, August 13th. Truist Financial upgraded Extra Space Storage from a "hold" rating to a "buy" rating and lowered their target price for the company from $148.00 to $147.00 in a research note on Thursday, October 1st. BMO Capital Markets raised Extra Space Storage from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $160.00 to $170.00 in a report on Thursday, August 27th. Finally, Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. Eight equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $156.75.

Extra Space Storage Company Profile

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.

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