Zacks Research Has Negative Forecast for EXR Q4 Earnings

Extra Space Storage Inc. (NYSE:EXR) – Stock analysts at Zacks Research decreased their Q4 2024 earnings per share estimates for Extra Space Storage in a report released on Tuesday, November 19th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will post earnings per share of $2.01 for the quarter, down from their previous forecast of $2.03. 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 2025 earnings at $1.97 EPS, Q2 2025 earnings at $2.08 EPS, Q3 2025 earnings at $2.11 EPS, Q4 2025 earnings at $2.08 EPS and FY2025 earnings at $8.25 EPS.

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

Other analysts have also issued reports about the company. Wells Fargo & Company restated an “equal weight” rating and issued a $175.00 target price on shares of Extra Space Storage in a research note on Monday, October 21st. Bank of America cut Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $172.00 to $155.00 in a research note on Monday, August 5th. Jefferies Financial Group raised Extra Space Storage from a “hold” rating to a “buy” rating and lifted their target price for the stock from $162.00 to $204.00 in a report on Wednesday, September 18th. Royal Bank of Canada assumed coverage on Extra Space Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective for the company. Finally, Evercore ISI decreased their target price on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $171.50.

Extra Space Storage Stock Up 1.4 %

EXR stock opened at $167.32 on Thursday. The stock’s fifty day simple moving average is $170.84 and its two-hundred day simple moving average is $163.18. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.77. Extra Space Storage has a 1-year low of $125.32 and a 1-year high of $184.87. The stock has a market cap 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.

Hedge Funds Weigh In On Extra Space Storage

A number of institutional investors and hedge funds have recently modified their holdings of the company. EdgeRock Capital LLC purchased a new stake in shares of Extra Space Storage in the second quarter valued at about $25,000. Centerpoint Advisors LLC acquired a new stake in shares of Extra Space Storage in the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Extra Space Storage during the third quarter valued at approximately $33,000. Blue Trust Inc. raised its stake in 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 worth $35,000 after purchasing an additional 200 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in Extra Space Storage during the third quarter worth approximately $42,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

Insiders Place Their Bets

In other Extra Space Storage news, Director Diane Olmstead sold 3,081 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $164.56, for a total value of $507,009.36. Following the transaction, the director now directly owns 5,877 shares of the company’s stock, valued at $967,119.12. This trade represents a 34.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 24,190 shares in the company, valued at approximately $4,318,398.80. The trade was a 23.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,228 shares of company stock valued at $3,374,617. Company insiders own 1.36% of the company’s stock.

Extra Space Storage Announces Dividend

The company 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 $1.62 dividend. The ex-dividend date is Monday, December 16th. This represents a $6.48 dividend on an annualized basis and a yield of 3.87%. Extra Space Storage’s dividend payout ratio (DPR) is 169.63%.

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.