Extra Space Storage (NYSE:EXR) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Extra Space Storage (NYSE:EXR - Get Free Report) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.04, Zacks reports. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $705.12 million. During the same quarter in the previous year, the firm earned $1.96 EPS. The company's revenue was up 2.6% compared to the same quarter last year. Extra Space Storage updated its FY 2025 guidance to 8.000-8.300 EPS.

Extra Space Storage Price Performance

Shares of NYSE EXR traded up $1.22 during trading on Friday, reaching $149.50. The company had a trading volume of 258,446 shares, compared to its average volume of 1,056,146. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87. The stock has a 50-day moving average price of $144.58 and a two-hundred day moving average price of $153.61. The stock has a market capitalization of $31.73 billion, a PE ratio of 39.12, a price-to-earnings-growth ratio of 7.76 and a beta of 0.96.

Extra Space Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend was Friday, March 14th. Extra Space Storage's payout ratio is 150.35%.

Insider Activity at Extra Space Storage

In related news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total value of $1,105,875.00. Following the completion of the sale, the chief executive officer now directly owns 9,190 shares in the company, valued at approximately $1,355,065.50. The trade was a 44.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph J. Bonner sold 672 shares of the business's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $149.10, for a total value of $100,195.20. Following the sale, the director now directly owns 4,557 shares of the company's stock, valued at approximately $679,448.70. This trade represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,392 shares of company stock valued at $1,392,315 over the last quarter. Insiders own 0.96% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Scotiabank raised Extra Space Storage from a "sector perform" rating to a "sector outperform" rating and lowered their price target for the stock from $165.00 to $149.00 in a report on Wednesday, April 9th. Barclays reduced their price target on Extra Space Storage from $184.00 to $181.00 and set an "overweight" rating for the company in a report on Wednesday, March 12th. Wells Fargo & Company dropped their price objective on Extra Space Storage from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. The Goldman Sachs Group reissued a "buy" rating on shares of Extra Space Storage in a report on Thursday, March 6th. Finally, Evercore ISI upped their price target on shares of Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $165.42.

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.