Extra Space Storage Inc. Announces Quarterly Dividend of $1.62

Extra Space Storage Inc. (NYSE:EXR) has declared a quarterly dividend of $1.62 per share, which was announced on Friday, February 21st. Shareholders who are on record as of Friday, March 14th, will receive the dividend payment on Monday, March 31st. This dividend amounts to an annual total of $6.48, generating a yield of 4.16%.

Over the past three years, Extra Space Storage has consistently increased its dividend payment, with an average growth rate of 12.9% per year. Currently, the company's dividend payout ratio stands at 132.8%, indicating that it cannot fully cover its dividend payments with earnings alone. Consequently, it is utilizing its balance sheet to support these dividend payouts. Analysts forecast that Extra Space Storage will earn approximately $8.34 per share in the upcoming year, suggesting that the company is likely to maintain its ability to cover the $6.48 annual dividend with an anticipated payout ratio of 77.7%.

Recent Stock Performance

On the trading day following the dividend announcement, EXR shares saw a slight decline of 0.1%, closing at $155.85. The stock experienced a trading volume of 1,124,671 shares, which is lower than its average trading volume of 1,237,376 shares. The company currently holds a market capitalization of $33.04 billion. Furthermore, its price-to-earnings (PE) ratio is recorded at 40.80, with a PEG ratio of 7.65 and a beta of 0.91. Within the past year, the stock reached a low of $131.02 and a high of $184.87, while its 50-day and 200-day moving averages stand at $151.65 and $163.74, respectively.

Analyst Ratings and Opinions

Various equity analysts have recently provided updates regarding Extra Space Storage. For instance, StockNews.com upgraded the stock from a 'sell' to a 'hold' rating as of January 28th. Similarly, Scotiabank has moved its rating from 'sector underperform' to 'sector perform', with a price target set at $167.00. Conversely, Wells Fargo reduced its price target from $170.00 to $165.00, while maintaining an 'equal weight' rating. Additionally, Truist Financial raised its price objective from $167.00 to $168.00, reiterating a 'hold' rating. Barclays also adjusted its price objective from $192.00 to $184.00, issuing an 'overweight' rating towards the company. Overall, the market presents a mixed outlook with one analyst recommending a sell rating, seven suggesting a hold, and four endorsing a buy. Collectively, analysts maintain an average rating of 'Hold' with a target price of $173.09.

Company Insider Activity

In recent news regarding company insiders, CEO Joseph D. Margolis sold 7,500 shares on January 2nd for a total transaction value of $1,110,075, at an average price of $148.01 per share. Following this sale, Margolis retains ownership of 16,690 shares, valued at approximately $2.47 million. This sale reflects a 31.00% decrease in the CEO's holding. It is important to note that corporate insiders own about 1.36% of the company's stock.

About Extra Space Storage

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed real estate investment trust (REIT). It is a constituent of the S&P 500 index. As of December 31, 2023, the company operated 3,714 self-storage facilities across 42 states and Washington, D.C. Collectively, these facilities offer approximately 2.6 million units, which translate to around 283.0 million square feet of rentable space, operating under the Extra Space, Life Storage, and Storage Express brands.

Dividend, Company, Investors