Extra Space Storage Inc. Expected to Earn Q3 2024 Earnings of $2.06 Per Share (NYSE:EXR)

Extra Space Storage Inc. (NYSE:EXR) – KeyCorp issued their Q3 2024 earnings estimates for shares of Extra Space Storage in a report issued on Sunday, September 8th. KeyCorp analyst T. Thomas forecasts that the real estate investment trust will earn $2.06 per share for the quarter. KeyCorp currently has a “Overweight” rating and a $178.00 price objective on the stock. The consensus estimate for Extra Space Storage’s current full-year earnings is $8.07 per share. KeyCorp also issued estimates for Extra Space Storage’s Q4 2024 earnings at $2.04 EPS, FY2024 earnings at $8.12 EPS and FY2025 earnings at $8.49 EPS.

Several other research firms also recently issued reports on EXR. Raymond James upped their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Truist Financial lifted their price target on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday. They issued a “sector perform” rating and a $180.00 price objective for the company. Evercore ISI lifted their target price on shares of Extra Space Storage from $166.00 to $167.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Finally, Barclays increased their price target on shares of Extra Space Storage from $158.00 to $188.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Extra Space Storage currently has an average rating of “Hold” and an average price target of $168.36.

Extra Space Storage Stock Performance

Shares of EXR opened at $177.30 on Wednesday. The company has a market capitalization of $37.54 billion, a price-to-earnings ratio of 39.49, a price-to-earnings-growth ratio of 2.53 and a beta of 0.86. Extra Space Storage has a 52-week low of $101.19 and a 52-week high of $179.23. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.76. The stock has a 50 day moving average price of $167.24 and a 200 day moving average price of $153.11.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EXR. Vanguard Group Inc. increased its stake in Extra Space Storage by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 33,686,389 shares of the real estate investment trust’s stock valued at $4,951,899,000 after purchasing an additional 170,380 shares in the last quarter. Norges Bank acquired a new stake in Extra Space Storage in the fourth quarter valued at $1,022,811,000. Massachusetts Financial Services Co. MA grew its holdings in Extra Space Storage by 4.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,549,231 shares of the real estate investment trust’s stock valued at $551,586,000 after purchasing an additional 157,763 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Extra Space Storage by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,127,012 shares of the real estate investment trust’s stock valued at $485,973,000 after buying an additional 45,717 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its stake in shares of Extra Space Storage by 7.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,965,638 shares of the real estate investment trust’s stock worth $460,890,000 after buying an additional 198,888 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the transaction, the executive vice president now owns 11,919 shares in the company, valued at approximately $2,089,758.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the completion of the sale, the executive vice president now owns 32,855 shares in the company, valued at $5,815,663.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William N. Springer sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $175.33, for a total transaction of $350,660.00. Following the sale, the executive vice president now directly owns 11,919 shares in the company, valued at approximately $2,089,758.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,323 shares of company stock valued at $1,994,709. 1.36% of the stock is owned by corporate insiders.

Extra Space Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $1.62 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.65%. Extra Space Storage’s payout ratio is currently 144.32%.

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.