Extra Space Storage Inc. (EXR) to Issue Quarterly Dividend of $1.62 on March 31st

Extra Space Storage Inc. (NYSE:EXR) declared a quarterly dividend on Friday, February 21st, RTT News reports. Investors of record on Friday, March 14th will be paid a dividend of 1.62 per share by the real estate investment trust on Monday, March 31st. This represents a $6.48 dividend on an annualized basis and a yield of 4.16%.

Extra Space Storage has increased its dividend by an average of 12.9% per year over the last three years. Extra Space Storage has a payout ratio of 132.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Extra Space Storage to earn $8.34 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 77.7%.

Extra Space Storage Trading Down 0.1 %

Shares of Extra Space Storage stock opened at $155.85 on Friday. The firm has a market capitalization of $33.04 billion, a PE ratio of 40.80, a P/E/G ratio of 7.76 and a beta of 0.91. Extra Space Storage has a twelve month low of $131.02 and a twelve month high of $184.87. The firm’s 50-day moving average price is $151.61 and its 200 day moving average price is $163.72. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77.

Insider Transactions at Extra Space Storage

In other news, CEO Joseph D. Margolis sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $148.01, for a total transaction of $1,110,075.00. Following the completion of the sale, the chief executive officer now owns 16,690 shares in the company, valued at $2,470,286.90. This trade represents a 31.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.36% of the company’s stock.

Analyst Ratings Changes

EXR has been the topic of a number of research reports. Wells Fargo & Company decreased their price target on shares of Extra Space Storage from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday. Scotiabank raised shares of Extra Space Storage from a “sector underperform” rating to a “sector perform” rating and set a $167.00 price target on the stock in a research note on Friday, January 10th. StockNews.com raised shares of Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Truist Financial raised their target price on shares of Extra Space Storage from $167.00 to $168.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Finally, Barclays decreased their target price on shares of Extra Space Storage from $192.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus target price of $173.09.

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.