Extra Space Storage Inc (NYSE:EXR) Shareholders Set to Receive $1.62 Quarterly Dividend

Extra Space Storage Inc (NYSE:EXR) announced a quarterly dividend on Thursday, November 5th. Shareholders of record on Tuesday, December 15th will be paid a dividend of $1.62 per share by the real estate investment trust on Thursday, December 31st. This represents a $6.48 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, December 15th.

Extra Space Storage has increased its dividend payment by an average of 0.1% per year over the last three years and has increased its dividend every year for the last 1 years. Extra Space Storage has a dividend payout ratio of 135.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Extra Space Storage to earn $8.56 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 75.7%.

Extra Space Storage Stock Performance

Shares of EXR opened at $160.29 on Friday. The company has a market cap of $33.46 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 4.45 and a beta of 1.07. The firm has a 50-day moving average of $139.58 and a 200-day moving average of $142.62. Extra Space Storage has a one year low of $125.71 and a one year high of $163.18. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.25 and a quick ratio of 1.56.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.93). Extra Space Storage had a net margin of 29.90% and a return on equity of 7.36%. The firm had revenue of $889.79 million during the quarter, compared to the consensus estimate of $886.61 million. During the same period in the previous year, the company posted $2.08 earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities analysts forecast that Extra Space Storage will post 8.46 earnings per share for the current year.

Institutional Investors Weigh In On Extra Space Storage

Several hedge funds have recently bought and sold shares of EXR. BlackRock Inc. acquired a new position in shares of Extra Space Storage in the second quarter valued at approximately $3,334,263,000. First Eagle Investment Management LLC increased its stake in shares of Extra Space Storage by 1.0% during the second quarter. First Eagle Investment Management LLC now owns 3,876,997 shares of the real estate investment trust’s stock worth $563,328,000 after purchasing an additional 38,306 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Extra Space Storage by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,206,587 shares of the real estate investment trust’s stock worth $420,461,000 after purchasing an additional 33,631 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Extra Space Storage by 24,295.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,241,413 shares of the real estate investment trust’s stock worth $325,677,000 after purchasing an additional 2,232,225 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in Extra Space Storage during the 2nd quarter worth approximately $299,746,000. 99.11% of the stock is currently owned by institutional investors and hedge funds.

About Extra Space Storage

Extra Space Storage Inc is a real estate investment trust that owns, operates, manages and develops self-storage properties in the United States. The company provides storage units for residential, business and vehicle-storage customers, with facilities offering a range of unit sizes and access options.

In addition to operating properties under the Extra Space Storage brand, the company provides third-party property management, acquisition and development services for self-storage owners.