Zacks Research Issues Pessimistic Forecast for EXR Earnings

Extra Space Storage Inc. (NYSE:EXR) – Research analysts at Zacks Research dropped their Q4 2024 earnings estimates for shares of Extra Space Storage in a research report issued on Tuesday, November 19th. Zacks Research analyst R. Department now anticipates that the real estate investment trust will post earnings of $2.01 per share for the quarter, down from their previous estimate 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.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($1.12). Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The company had revenue of $824.80 million during the quarter, compared to the consensus estimate of $826.93 million. During the same period in the previous year, the firm posted $2.02 EPS. Extra Space Storage’s revenue for the quarter was up 10.2% on a year-over-year basis.

Several other research analysts have also recently commented on the stock. Royal Bank of Canada initiated coverage on shares of Extra Space Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 target price for the company. Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and upped their target price for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Evercore ISI decreased their target price on shares of Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Scotiabank upped their price target on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Finally, StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $171.50.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $167.32 on Thursday. Extra Space Storage has a fifty-two week low of $125.32 and a fifty-two 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. The company has a market cap of $35.47 billion, a PE ratio of 43.80, a P/E/G ratio of 8.34 and a beta of 0.87. The firm has a 50-day simple moving average of $170.84 and a 200 day simple moving average of $163.18.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.87%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Activity

In other news, Director Kenneth M. Woolley sold 6,647 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $177.23, for a total transaction of $1,178,047.81. Following the transaction, the director now owns 404,306 shares in the company, valued at $71,655,152.38. This represents a 1.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP William N. Springer sold 2,000 shares of the stock in a transaction 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. This trade represents a 14.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,228 shares of company stock worth $3,374,617 over the last 90 days. 1.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of EXR. Pathway Financial Advisers LLC increased its stake in shares of Extra Space Storage by 17,832.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,018,884 shares of the real estate investment trust’s stock worth $363,783,000 after purchasing an additional 2,007,626 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Extra Space Storage by 724.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,981,799 shares of the real estate investment trust’s stock valued at $357,100,000 after purchasing an additional 1,741,320 shares during the period. Boston Partners bought a new stake in Extra Space Storage in the 1st quarter valued at $130,554,000. Janus Henderson Group PLC boosted its holdings in Extra Space Storage by 2,244.2% in the 1st quarter. Janus Henderson Group PLC now owns 597,729 shares of the real estate investment trust’s stock valued at $87,824,000 after purchasing an additional 572,231 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Extra Space Storage by 43.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,557,135 shares of the real estate investment trust’s stock valued at $228,899,000 after purchasing an additional 473,559 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.