Wall Street analysts expect that Extra Space Storage, Inc. (NYSE:EXR) will report sales of $303.27 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Extra Space Storage’s earnings, with estimates ranging from $293.09 million to $313.10 million. Extra Space Storage posted sales of $284.16 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.7%. The business is scheduled to announce its next quarterly earnings results on Wednesday, November 7th.
According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $1.18 billion for the current fiscal year, with estimates ranging from $1.14 billion to $1.22 billion. For the next fiscal year, analysts expect that the company will report sales of $1.26 billion per share, with estimates ranging from $1.19 billion to $1.30 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Extra Space Storage.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, July 31st. The real estate investment trust reported $1.15 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.15. The business had revenue of $258.13 million for the quarter, compared to analyst estimates of $257.14 million. Extra Space Storage had a net margin of 44.23% and a return on equity of 18.93%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 earnings per share.
Several research firms have issued reports on EXR. Zacks Investment Research lowered shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Goldman Sachs Group lowered shares of Extra Space Storage from a “conviction-buy” rating to a “buy” rating in a research report on Thursday, July 12th. Citigroup upped their price target on shares of Extra Space Storage from $87.00 to $103.00 and gave the stock a “neutral” rating in a research report on Thursday, July 12th. Morgan Stanley upped their price target on shares of Extra Space Storage from $83.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 14th. Finally, Wells Fargo & Co upped their price target on shares of Extra Space Storage from $99.00 to $104.00 and gave the stock an “outperform” rating in a research report on Monday, June 18th. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $94.92.
In other Extra Space Storage news, EVP James Overturf sold 880 shares of the company’s stock in a transaction on Tuesday, July 17th. The shares were sold at an average price of $95.72, for a total value of $84,233.60. Following the transaction, the executive vice president now directly owns 74,737 shares in the company, valued at $7,153,825.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 2,640 shares of company stock worth $253,651. Corporate insiders own 3.52% of the company’s stock.
Several large investors have recently added to or reduced their stakes in EXR. Fort Washington Investment Advisors Inc. OH increased its holdings in shares of Extra Space Storage by 23.6% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 6,295 shares of the real estate investment trust’s stock valued at $550,000 after purchasing an additional 1,200 shares during the last quarter. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Extra Space Storage in the first quarter valued at about $263,000. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Extra Space Storage by 0.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 434,003 shares of the real estate investment trust’s stock valued at $37,915,000 after acquiring an additional 2,476 shares in the last quarter. Honeywell International Inc. grew its stake in shares of Extra Space Storage by 10.2% in the first quarter. Honeywell International Inc. now owns 42,613 shares of the real estate investment trust’s stock valued at $3,723,000 after acquiring an additional 3,930 shares in the last quarter. Finally, Atria Investments LLC grew its stake in shares of Extra Space Storage by 20.4% in the first quarter. Atria Investments LLC now owns 18,063 shares of the real estate investment trust’s stock valued at $1,578,000 after acquiring an additional 3,063 shares in the last quarter.
NYSE EXR traded up $0.48 on Friday, hitting $92.38. 718,600 shares of the stock were exchanged, compared to its average volume of 999,719. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.76. Extra Space Storage has a 52 week low of $76.55 and a 52 week high of $101.96. The firm has a market capitalization of $11.66 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 3.85 and a beta of 0.15.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be issued a $0.86 dividend. The ex-dividend date is Thursday, September 13th. This represents a $3.44 annualized dividend and a dividend yield of 3.72%. Extra Space Storage’s dividend payout ratio is currently 78.54%.
About Extra Space Storage
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 June 30, 2018, the Company owned and/or operated 1,568 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1,090,000 units and approximately 119 million square feet of rentable space.
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