Extra Space Storage (NYSE:EXR) Sets New 1-Year High After Better-Than-Expected Earnings

Extra Space Storage Inc. (NYSE:EXR) shares hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $146.88 and last traded at $146.67, with a volume of 1782754 shares. The stock had previously closed at $141.43.

The real estate investment trust reported $2.00 EPS for the quarter, topping the consensus estimate of $1.96 by $0.04. Extra Space Storage had a return on equity of 5.51% and a net margin of 25.35%. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $705.12 million. During the same period in the previous year, the company posted $1.96 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year.

Extra Space Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date was Friday, March 14th. Extra Space Storage’s dividend payout ratio is currently 150.35%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on EXR shares. Mizuho assumed coverage on shares of Extra Space Storage in a research report on Wednesday, April 9th. They set an “outperform” rating and a $141.00 target price for the company. Royal Bank of Canada lowered their price objective on Extra Space Storage from $163.00 to $160.00 and set a “sector perform” rating for the company in a research report on Thursday. The Goldman Sachs Group restated a “buy” rating on shares of Extra Space Storage in a research note on Thursday, March 6th. StockNews.com raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Barclays cut their price objective on shares of Extra Space Storage from $184.00 to $181.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Extra Space Storage has a consensus rating of “Moderate Buy” and an average target price of $165.42.

Insider Buying and Selling at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $147.45, for a total value of $1,105,875.00. Following the sale, the chief executive officer now owns 9,190 shares in the company, valued at approximately $1,355,065.50. This represents a 44.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Joseph J. Bonner sold 672 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $149.10, for a total transaction of $100,195.20. Following the sale, the director now directly owns 4,557 shares in the company, valued at $679,448.70. The trade was a 12.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,392 shares of company stock worth $1,392,315. Company insiders own 0.96% of the company’s stock.

Institutional Trading of Extra Space Storage

Hedge funds have recently added to or reduced their stakes in the company. MQS Management LLC acquired a new position in shares of Extra Space Storage in the first quarter worth about $643,000. CWM LLC raised its holdings in Extra Space Storage by 312.2% in the 1st quarter. CWM LLC now owns 20,404 shares of the real estate investment trust’s stock worth $3,030,000 after purchasing an additional 15,454 shares during the period. New York State Common Retirement Fund boosted its position in Extra Space Storage by 4.1% during the first quarter. New York State Common Retirement Fund now owns 127,731 shares of the real estate investment trust’s stock worth $18,967,000 after purchasing an additional 5,000 shares in the last quarter. Arizona State Retirement System grew its holdings in Extra Space Storage by 1.8% in the first quarter. Arizona State Retirement System now owns 61,266 shares of the real estate investment trust’s stock valued at $9,097,000 after purchasing an additional 1,095 shares during the period. Finally, Cerity Partners LLC increased its position in shares of Extra Space Storage by 127.4% in the first quarter. Cerity Partners LLC now owns 35,451 shares of the real estate investment trust’s stock valued at $5,264,000 after buying an additional 19,862 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Extra Space Storage Trading Up 1.3 %

The firm has a market capitalization of $31.51 billion, a price-to-earnings ratio of 38.86, a P/E/G ratio of 7.76 and a beta of 0.96. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.23 and a current ratio of 0.23. The company has a 50 day moving average price of $144.58 and a two-hundred day moving average price of $153.61.

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.