Extra Space Storage Inc. (NYSE:EXR) Declares Quarterly Dividend of $1.62

Extra Space Storage Inc. (NYSE:EXR - Get Free Report) announced a quarterly dividend on Monday, August 19th, RTT News reports. Stockholders of record on Monday, September 16th will be paid a dividend of 1.62 per share by the real estate investment trust on Monday, September 30th. This represents a $6.48 annualized dividend and a dividend yield of 3.83%.

Extra Space Storage has increased its dividend payment by an average of 21.6% annually over the last three years. Extra Space Storage has a dividend payout ratio of 140.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Extra Space Storage to earn $8.36 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 77.5%.

Extra Space Storage Trading Up 1.2 %

Shares of NYSE:EXR traded up $1.96 during trading on Monday, hitting $169.23. 450,680 shares of the company's stock were exchanged, compared to its average volume of 1,068,578. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $171.46. The firm has a 50-day moving average price of $159.92 and a two-hundred day moving average price of $148.83. The company has a current ratio of 0.20, a quick ratio of 0.15 and a debt-to-equity ratio of 0.76. The firm has a market cap of $35.83 billion, a P/E ratio of 37.67, a PEG ratio of 3.37 and a beta of 0.83.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EXR. Evercore ISI boosted their price objective on shares of Extra Space Storage from $140.00 to $151.00 and gave the company an "in-line" rating in a report on Monday, July 15th. Wells Fargo & Company boosted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an "overweight" rating in a report on Friday, July 26th. Citigroup decreased their price objective on shares of Extra Space Storage from $168.00 to $160.00 and set a "neutral" rating for the company in a report on Friday, June 7th. Raymond James boosted their price objective on shares of Extra Space Storage from $160.00 to $175.00 and gave the company an "outperform" rating in a report on Tuesday, July 23rd. Finally, Barclays boosted their price objective on shares of Extra Space Storage from $157.00 to $158.00 and gave the company an "overweight" rating in a report on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $161.92.

Read Our Latest Stock Report on EXR

Insider Transactions at Extra Space Storage

In other news, Director Joseph J. Bonner sold 677 shares of the business's stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the sale, the director now owns 5,229 shares of the company's stock, valued at $775,042.38. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction on Monday, July 1st. The shares were sold at an average price of $152.58, for a total transaction of $1,144,350.00. Following the sale, the chief executive officer now directly owns 31,690 shares of the company's stock, valued at $4,835,260.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph J. Bonner sold 677 shares of the company's stock in a transaction on Friday, June 7th. The stock was sold at an average price of $148.22, for a total transaction of $100,344.94. Following the sale, the director now directly owns 5,229 shares in the company, valued at $775,042.38. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

About Extra Space Storage

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.

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