Extra Space Storage Inc. (NYSE:EXR – Free Report) declared a quarterly dividend on Monday, July 3rd, RTT News reports. Stockholders of record on Thursday, July 13th will be paid a dividend of 1.01 per share by the real estate investment trust on Wednesday, July 19th. This represents a $4.04 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Wednesday, July 12th.
Extra Space Storage has raised its dividend by an average of 19.0% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Extra Space Storage has a dividend payout ratio of 103.0% indicating that 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 $9.04 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 71.7%.
Extra Space Storage Trading Down 0.2 %
EXR opened at $148.12 on Monday. Extra Space Storage has a one year low of $139.97 and a one year high of $216.52. The stock has a market capitalization of $20.00 billion, a PE ratio of 23.29, a P/E/G ratio of 4.39 and a beta of 0.54. The business’s 50 day moving average price is $148.01 and its 200 day moving average price is $153.24. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.27 and a current ratio of 0.27.
Hedge Funds Weigh In On Extra Space Storage
Wall Street Analysts Forecast Growth
EXR has been the topic of a number of recent analyst reports. Raymond James upgraded Extra Space Storage from an “outperform” rating to a “strong-buy” rating and set a $185.00 price objective on the stock in a report on Tuesday, April 4th. StockNews.com started coverage on Extra Space Storage in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Truist Financial cut their target price on Extra Space Storage from $165.00 to $155.00 in a research report on Thursday, June 15th. Evercore ISI raised Extra Space Storage from an “underperform” rating to an “outperform” rating and set a $164.00 target price on the stock in a research report on Monday, June 12th. Finally, Bank of America initiated coverage on Extra Space Storage in a research report on Monday, May 8th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $169.38.
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 March 31, 2023, the Company owned and/or operated 2,388 self-storage stores in 41 states and Washington, DC The Company's stores comprise approximately 1.7 million units and approximately 180.0 million square feet of rentable space.
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