Extra Space Storage Inc (EXR) to Distribute Quarterly Dividend of $1.62 on December 31st

Extra Space Storage Inc (NYSE:EXR) declared a quarterly dividend on Thursday, November 5th. Stockholders of record on Tuesday, December 15th will be paid a dividend of $1.62 per share by the real estate investment trust on Thursday, December 31st. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Tuesday, December 15th.

Extra Space Storage has increased its dividend by an average of 0.1% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Extra Space Storage has a payout ratio of 135.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Extra Space Storage to earn $8.56 per share next year, which means the company should continue to be able to cover its $6.48 annual dividend with an expected future payout ratio of 75.7%.

Extra Space Storage Stock Down 0.6%

Shares of NYSE:EXR opened at $159.16 on Friday. Extra Space Storage has a 1 year low of $125.71 and a 1 year high of $163.18. The stock’s 50-day moving average is $139.90 and its 200 day moving average is $142.68. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.25 and a quick ratio of 1.56. The company has a market cap of $33.22 billion, a PE ratio of 32.35, a P/E/G ratio of 4.56 and a beta of 1.07.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $1.17 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.93). Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The company had revenue of $889.79 million for the quarter, compared to the consensus estimate of $886.61 million. During the same period last year, the company earned $2.08 EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Sell-side analysts anticipate that Extra Space Storage will post 8.46 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EXR. Raymond James Financial began coverage on Extra Space Storage in a research report on Thursday, July 16th. They issued an “outperform” rating and a $44.00 price objective for the company. UBS Group upped their price target on shares of Extra Space Storage from $152.00 to $174.00 and gave the company a “buy” rating in a research report on Wednesday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $160.00 price objective (up from $152.00) on shares of Extra Space Storage in a research note on Thursday, July 30th. Jefferies Financial Group reduced their price objective on Extra Space Storage from $165.00 to $151.00 in a research report on Monday, October 12th. Finally, Evercore increased their target price on Extra Space Storage from $142.00 to $146.00 in a research report on Wednesday, October 28th. Eight investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $156.75.

About Extra Space Storage