Zacks Research Has Strong Forecast for EXR FY2024 Earnings

Extra Space Storage Inc. (NYSE:EXR) – Zacks Research boosted their FY2024 earnings per share estimates for Extra Space Storage in a note issued to investors on Tuesday, November 19th. Zacks Research analyst R. Department now expects that the real estate investment trust will earn $8.10 per share for the year, up from their previous estimate of $8.06. The consensus estimate for Extra Space Storage’s current full-year earnings is $8.09 per share. Zacks Research also issued estimates for Extra Space Storage’s Q1 2026 earnings at $2.10 EPS, Q2 2026 earnings at $2.14 EPS, Q3 2026 earnings at $2.16 EPS and FY2026 earnings at $8.54 EPS.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.03 by ($1.12). The firm had revenue of $824.80 million during the quarter, compared to analyst estimates of $826.93 million. Extra Space Storage had a net margin of 25.35% and a return on equity of 5.51%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.02 earnings per share.

A number of other research firms have also commented on EXR. Truist Financial raised their price objective on Extra Space Storage from $152.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Barclays boosted their price target on Extra Space Storage from $188.00 to $192.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Scotiabank increased their price objective on shares of Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. StockNews.com lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and increased their price target for the stock from $162.00 to $204.00 in a research report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Extra Space Storage currently has a consensus rating of “Hold” and an average price target of $171.50.

Extra Space Storage Stock Performance

NYSE EXR opened at $167.32 on Friday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 12-month low of $125.32 and a 12-month high of $184.87. The firm has a 50-day moving average price of $170.64 and a two-hundred day moving average price of $163.21. The company has a market capitalization of $35.47 billion, a P/E ratio of 43.80, a P/E/G ratio of 8.34 and a beta of 0.87.

Extra Space Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $6.48 annualized dividend and a yield of 3.87%. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insider Activity

In other news, CEO Joseph D. Margolis sold 7,500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the sale, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 23.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP William N. Springer sold 2,000 shares of Extra Space Storage stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $175.33, for a total value of $350,660.00. Following the transaction, the executive vice president now owns 11,919 shares of the company’s stock, valued at $2,089,758.27. This trade represents a 14.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,228 shares of company stock worth $3,374,617 in the last quarter. 1.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extra Space Storage

Several institutional investors have recently made changes to their positions in EXR. EdgeRock Capital LLC purchased a new position in shares of Extra Space Storage during the second quarter worth about $25,000. Centerpoint Advisors LLC bought a new position in shares of Extra Space Storage during the second quarter valued at about $27,000. Ashton Thomas Securities LLC purchased a new stake in Extra Space Storage in the 3rd quarter worth approximately $33,000. Harvest Fund Management Co. Ltd bought a new stake in Extra Space Storage during the 3rd quarter valued at approximately $42,000. Finally, Blue Trust Inc. boosted its position in shares of Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 99.11% 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 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.