Extra Space Storage (NYSE:EXR) released its earnings results on Sunday. The real estate investment trust reported $1.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.35 by ($0.16), MarketWatch Earnings reports. The business had revenue of $301.10 million for the quarter, compared to analysts’ expectations of $293.09 million. Extra Space Storage had a net margin of 34.54% and a return on equity of 16.54%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.82 EPS.
Shares of EXR stock traded up $7.13 during trading hours on Tuesday, reaching $127.87. 22,319 shares of the company’s stock were exchanged, compared to its average volume of 789,375. Extra Space Storage has a fifty-two week low of $72.70 and a fifty-two week high of $121.83. The stock has a market capitalization of $16.80 billion, a P/E ratio of 35.83, a P/E/G ratio of 5.80 and a beta of 0.17. The business has a fifty day moving average price of $114.75 and a 200-day moving average price of $112.13. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.91.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 31st. Stockholders of record on Monday, March 15th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, March 12th. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.13%. Extra Space Storage’s payout ratio is 73.77%.
Several equities research analysts have recently issued reports on the company. Truist upgraded Extra Space Storage from a “hold” rating to a “buy” rating and set a $125.00 price target for the company in a report on Friday, January 22nd. Raymond James upgraded Extra Space Storage from a “market perform” rating to an “outperform” rating and set a $125.00 price target for the company in a report on Thursday, February 4th. JPMorgan Chase & Co. upgraded Extra Space Storage from a “neutral” rating to an “overweight” rating and set a $124.00 price target for the company in a report on Monday, December 21st. Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating and set a $118.00 price target for the company. in a report on Tuesday, January 12th. Finally, KeyCorp upgraded Extra Space Storage from a “sector weight” rating to an “overweight” rating and set a $124.00 price target for the company in a report on Friday, November 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $116.00.
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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