Extra Space Storage (NYSE:EXR) Issues Quarterly Earnings Results

Key Points

• Extra Space Storage exceeded quarterly earnings expectations, reporting EPS of $2.17 versus the $1.19 consensus estimate. Revenue totaled $889.79 million, slightly above analyst projections of $886.61 million.
• The company declared a quarterly dividend of $1.62 per share, equivalent to $6.48 annually and a 4.5% yield, although its dividend payout ratio was elevated at 143.05%.
• EXR shares traded around $144.67, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $148.67; ratings were evenly split between Buy and Hold.

Extra Space Storage (NYSE:EXR - Get Free Report) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $2.17 EPS for the quarter, beating the consensus estimate of $1.19 by $0.98, Zacks reports. The business had revenue of $889.79 million during the quarter, compared to analyst estimates of $886.61 million. Extra Space Storage had a return on equity of 6.70% and a net margin of 27.80%.

Extra Space Storage Stock Performance

Shares of EXR traded up $1.30 during trading hours on Tuesday, hitting $144.67. The stock had a trading volume of 1,032,977 shares, compared to its average volume of 1,257,126. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.56 and a quick ratio of 1.56. Extra Space Storage has a 12 month low of $125.71 and a 12 month high of $158.88. The firm has a market capitalization of $30.56 billion, a PE ratio of 31.94, a PEG ratio of 4.25 and a beta of 1.15. The stock has a fifty day moving average price of $138.62 and a 200 day moving average price of $142.11.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Tuesday, September 15th. Extra Space Storage's dividend payout ratio (DPR) is 143.05%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EXR. Royal Bank Of Canada upped their price objective on shares of Extra Space Storage from $153.00 to $157.00 and gave the stock a "sector perform" rating in a report on Thursday, July 30th. Mizuho cut their price target on Extra Space Storage from $155.00 to $152.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. reduced their price objective on Extra Space Storage from $157.00 to $153.00 and set a "neutral" rating for the company in a research report on Monday, September 21st. Evercore set a $146.00 price objective on Extra Space Storage in a research note on Monday, September 21st. Finally, Raymond James Financial assumed coverage on Extra Space Storage in a report on Thursday, July 16th. They set an "outperform" rating and a $44.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $148.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.