Extra Space Storage Inc (EXR) to Issue Quarterly Dividend of $0.78 on September 29th
Extra Space Storage Inc (NYSE:EXR) announced a quarterly dividend on Monday, August 28th, Wall Street Journal reports. Investors of record on Friday, September 15th will be paid a dividend of 0.78 per share by the real estate investment trust on Friday, September 29th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Thursday, September 14th.
Extra Space Storage has increased its dividend by an average of 26.4% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Extra Space Storage has a payout ratio of 72.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Extra Space Storage to earn $4.44 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 70.3%.
Shares of Extra Space Storage (NYSE:EXR) traded up 0.17% during mid-day trading on Wednesday, hitting $77.60. 146,879 shares of the company were exchanged. Extra Space Storage has a 12-month low of $68.09 and a 12-month high of $83.23. The stock’s 50-day moving average price is $77.80 and its 200 day moving average price is $76.92. The stock has a market cap of $9.78 billion, a PE ratio of 26.52 and a beta of 0.35.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.04. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The company had revenue of $276.00 million during the quarter, compared to analysts’ expectations of $239.89 million. During the same period in the prior year, the business earned $0.94 earnings per share. Extra Space Storage’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, equities analysts anticipate that Extra Space Storage will post $2.76 EPS for the current fiscal year.
In related news, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total value of $98,150.00. Following the completion of the transaction, the executive vice president now directly owns 86,275 shares in the company, valued at $6,513,762.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $78.12, for a total value of $1,562,400.00. Following the completion of the transaction, the director now owns 665,748 shares of the company’s stock, valued at $52,008,233.76. The disclosure for this sale can be found here. Insiders sold 62,600 shares of company stock valued at $4,909,001 over the last 90 days. 3.72% of the stock is currently owned by corporate insiders.
EXR has been the subject of several research reports. Cantor Fitzgerald reissued a “neutral” rating and issued a $77.00 price objective on shares of Extra Space Storage in a research report on Monday, May 22nd. BidaskClub raised Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Bank of America Corporation cut Extra Space Storage from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $83.00 to $81.00 in a research report on Thursday, July 20th. KeyCorp reissued a “buy” rating and issued a $82.00 price objective on shares of Extra Space Storage in a research report on Friday, August 25th. Finally, BMO Capital Markets initiated coverage on Extra Space Storage in a research report on Monday. They issued a “market perform” rating and a $78.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Extra Space Storage presently has a consensus rating of “Hold” and an average target price of $82.00.
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About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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