Extra Space Storage Inc. (NYSE:EXR) Announces Quarterly Dividend of $1.50

Extra Space Storage Inc. (NYSE:EXRGet Rating) announced a quarterly dividend on Monday, November 21st, RTT News reports. Investors of record on Wednesday, December 14th will be given a dividend of 1.50 per share by the real estate investment trust on Friday, December 30th. This represents a $6.00 annualized dividend and a yield of 3.81%.

Extra Space Storage has increased its dividend payment by an average of 10.2% annually over the last three years and has raised its dividend every year for the last 12 years. Extra Space Storage has a dividend payout ratio of 93.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Extra Space Storage to earn $9.02 per share next year, which means the company should continue to be able to cover its $6.00 annual dividend with an expected future payout ratio of 66.5%.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $157.59 on Tuesday. Extra Space Storage has a one year low of $149.78 and a one year high of $228.84. The stock has a market capitalization of $21.10 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 2.32 and a beta of 0.52. The company has a 50-day simple moving average of $168.46 and a 200-day simple moving average of $178.01. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.49 and a current ratio of 0.49.

Analysts Set New Price Targets

A number of analysts have weighed in on EXR shares. UBS Group decreased their price objective on Extra Space Storage from $234.00 to $197.00 and set a “buy” rating for the company in a research report on Monday, July 25th. Evercore ISI lowered shares of Extra Space Storage from an “in-line” rating to an “underperform” rating and lowered their price objective for the company from $162.00 to $150.00 in a research report on Monday. StockNews.com initiated coverage on shares of Extra Space Storage in a research report on Wednesday, October 12th. They set a “hold” rating for the company. KeyCorp raised their target price on shares of Extra Space Storage from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 17th. Finally, Citigroup boosted their price target on shares of Extra Space Storage to $229.00 in a research note on Monday, August 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Extra Space Storage has an average rating of “Hold” and an average target price of $197.89.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blair William & Co. IL lifted its holdings in Extra Space Storage by 16.5% in the 1st quarter. Blair William & Co. IL now owns 1,502 shares of the real estate investment trust’s stock valued at $309,000 after purchasing an additional 213 shares in the last quarter. Douglass Winthrop Advisors LLC lifted its holdings in Extra Space Storage by 11.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 1,500 shares of the real estate investment trust’s stock valued at $308,000 after purchasing an additional 150 shares in the last quarter. First Western Trust Bank purchased a new position in Extra Space Storage in the 1st quarter valued at about $292,000. Private Advisor Group LLC lifted its holdings in Extra Space Storage by 5.6% in the 1st quarter. Private Advisor Group LLC now owns 1,404 shares of the real estate investment trust’s stock valued at $289,000 after purchasing an additional 74 shares in the last quarter. Finally, Beacon Pointe Advisors LLC purchased a new position in Extra Space Storage in the 1st quarter valued at about $258,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Company Profile

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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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Dividend History for Extra Space Storage (NYSE:EXR)

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