Extra Space Storage Inc (EXR) to Issue Quarterly Dividend of $0.78
Extra Space Storage Inc (NYSE:EXR) declared a quarterly dividend on Monday, November 13th, Wall Street Journal reports. Stockholders of record on Friday, December 15th will be given a dividend of 0.78 per share by the real estate investment trust on Friday, December 29th. This represents a $3.12 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, December 14th.
Extra Space Storage has increased its dividend by an average of 26.4% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Extra Space Storage has a dividend payout ratio of 72.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Extra Space Storage to earn $4.45 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 70.1%.
Extra Space Storage (EXR) traded up $0.87 during trading hours on Monday, hitting $86.87. The stock had a trading volume of 903,624 shares, compared to its average volume of 1,011,518. Extra Space Storage has a 1-year low of $68.09 and a 1-year high of $87.31. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market cap of $10,950.00, a price-to-earnings ratio of 20.09, a P/E/G ratio of 3.50 and a beta of 0.38.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. The firm had revenue of $284.16 million for the quarter, compared to analyst estimates of $246.85 million. Extra Space Storage had a return on equity of 14.41% and a net margin of 33.21%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. sell-side analysts predict that Extra Space Storage will post 4.33 earnings per share for the current year.
Several research firms have weighed in on EXR. Zacks Investment Research upgraded Extra Space Storage from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a report on Wednesday, October 11th. BidaskClub lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. KeyCorp reiterated a “hold” rating on shares of Extra Space Storage in a report on Wednesday, October 11th. Cantor Fitzgerald reiterated a “hold” rating and set a $77.00 target price on shares of Extra Space Storage in a report on Friday, September 1st. Finally, Bank of America Corporation lowered Extra Space Storage from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $83.00 to $81.00 in a report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $83.00.
In related news, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $78.12, for a total value of $1,562,400.00. Following the sale, the director now owns 665,748 shares of the company’s stock, valued at $52,008,233.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP James Overturf sold 1,300 shares of Extra Space Storage stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $78.49, for a total value of $102,037.00. Following the completion of the sale, the executive vice president now directly owns 84,975 shares in the company, valued at approximately $6,669,687.75. The disclosure for this sale can be found here. Insiders sold a total of 63,900 shares of company stock worth $5,089,327 in the last three months. Company insiders own 3.72% of the company’s stock.
About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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