Extra Space Storage (NYSE:EXR) released its quarterly earnings data on Sunday. The real estate investment trust reported $1.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.29, MarketWatch Earnings reports. Extra Space Storage had a return on equity of 16.54% and a net margin of 34.54%. The company had revenue of $301.10 million during the quarter, compared to the consensus estimate of $293.09 million. During the same quarter in the prior year, the firm posted $0.82 earnings per share. The firm’s revenue was up 4.3% compared to the same quarter last year.
Shares of Extra Space Storage stock opened at $120.74 on Tuesday. Extra Space Storage has a 1 year low of $72.70 and a 1 year high of $121.83. The firm has a market cap of $15.86 billion, a PE ratio of 35.83, a P/E/G ratio of 5.80 and a beta of 0.17. The stock has a fifty day moving average price of $114.75 and a 200-day moving average price of $112.13. The company has a debt-to-equity ratio of 1.91, a current ratio of 0.52 and a quick ratio of 0.52.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 31st. Shareholders of record on Monday, March 15th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, March 12th. This is a boost from Extra Space Storage’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 3.31%. Extra Space Storage’s dividend payout ratio (DPR) is 73.77%.
Several research analysts have recently issued reports on EXR shares. KeyCorp raised Extra Space Storage from a “sector weight” rating to an “overweight” rating and set a $124.00 price objective for the company in a research note on Friday, November 13th. Truist raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Friday, January 22nd. Zacks Investment Research downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating and set a $118.00 target price for the company. in a research report on Tuesday, January 12th. Raymond James raised shares of Extra Space Storage from a “market perform” rating to an “outperform” rating and set a $125.00 target price for the company in a research report on Thursday, February 4th. Finally, JPMorgan Chase & Co. raised shares of Extra Space Storage from a “neutral” rating to an “overweight” rating and set a $124.00 target price for the company in a research report on Monday, December 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $116.00.
In other news, CEO Joseph D. Margolis sold 2,500 shares of the firm’s stock in a transaction on Wednesday, December 23rd. The stock was sold at an average price of $115.10, for a total transaction of $287,750.00. Following the completion of the sale, the chief executive officer now directly owns 115,300 shares of the company’s stock, valued at approximately $13,271,030. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.64% 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 September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.
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