Wall Street brokerages expect Extra Space Storage, Inc. (NYSE:EXR) to post earnings per share of $1.19 for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Extra Space Storage’s earnings, with the lowest EPS estimate coming in at $1.17 and the highest estimate coming in at $1.23. Extra Space Storage posted earnings per share of $1.15 in the same quarter last year, which would suggest a positive year over year growth rate of 3.5%. The company is scheduled to report its next quarterly earnings report after the market closes on Tuesday, July 30th.
According to Zacks, analysts expect that Extra Space Storage will report full year earnings of $4.81 per share for the current financial year, with EPS estimates ranging from $4.76 to $4.85. For the next year, analysts anticipate that the firm will report earnings of $5.03 per share, with EPS estimates ranging from $4.95 to $5.11. Zacks’ EPS calculations are an average based on a survey of research firms that that provide coverage for Extra Space Storage.
Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. Extra Space Storage had a net margin of 37.12% and a return on equity of 16.56%. The business had revenue of $271.00 million during the quarter, compared to the consensus estimate of $266.01 million. During the same quarter last year, the firm earned $1.09 earnings per share. Extra Space Storage’s quarterly revenue was up 9.3% on a year-over-year basis.
A number of brokerages recently weighed in on EXR. Zacks Investment Research downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. BMO Capital Markets reissued a “hold” rating and set a $94.00 target price on shares of Extra Space Storage in a research note on Wednesday, May 1st. Raymond James downgraded shares of Extra Space Storage from an “outperform” rating to a “market perform” rating and set a $99.27 target price for the company. in a research note on Thursday, March 21st. Finally, Evercore ISI downgraded shares of Extra Space Storage from an “in-line” rating to an “underperform” rating in a research note on Monday, April 1st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. Extra Space Storage currently has a consensus rating of “Hold” and an average target price of $98.16.
NYSE EXR traded up $0.50 during mid-day trading on Wednesday, reaching $111.06. 23,213 shares of the stock were exchanged, compared to its average volume of 859,748. Extra Space Storage has a one year low of $83.70 and a one year high of $110.80. The company has a 50 day moving average of $107.60. The stock has a market cap of $13.94 billion, a PE ratio of 23.82, a P/E/G ratio of 4.63 and a beta of 0.23. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.47 and a current ratio of 0.47.
The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 3.24%. This is a boost from Extra Space Storage’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Thursday, June 13th. Extra Space Storage’s dividend payout ratio (DPR) is presently 77.09%.
In other Extra Space Storage news, EVP James Overturf sold 880 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $108.87, for a total value of $95,805.60. Following the completion of the sale, the executive vice president now directly owns 67,849 shares in the company, valued at $7,386,720.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samrat Sondhi sold 4,480 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $106.99, for a total transaction of $479,315.20. Following the completion of the sale, the chief operating officer now owns 76,879 shares of the company’s stock, valued at $8,225,284.21. The disclosure for this sale can be found here. Insiders sold 22,805 shares of company stock valued at $2,429,222 over the last 90 days. Corporate insiders own 3.29% of the company’s stock.
A number of large investors have recently bought and sold shares of EXR. BlackRock Inc. grew its holdings in shares of Extra Space Storage by 1.0% during the first quarter. BlackRock Inc. now owns 13,302,708 shares of the real estate investment trust’s stock valued at $1,355,678,000 after buying an additional 135,871 shares during the last quarter. Cohen & Steers Inc. grew its holdings in shares of Extra Space Storage by 2.3% during the fourth quarter. Cohen & Steers Inc. now owns 8,158,274 shares of the real estate investment trust’s stock valued at $738,161,000 after buying an additional 185,762 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Extra Space Storage by 8.8% during the first quarter. Principal Financial Group Inc. now owns 3,984,402 shares of the real estate investment trust’s stock valued at $406,050,000 after buying an additional 321,688 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Extra Space Storage by 24.1% during the first quarter. Daiwa Securities Group Inc. now owns 3,386,588 shares of the real estate investment trust’s stock valued at $345,127,000 after buying an additional 657,927 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of Extra Space Storage by 8.0% during the first quarter. FMR LLC now owns 2,553,248 shares of the real estate investment trust’s stock valued at $260,202,000 after buying an additional 189,209 shares during the last quarter. Institutional investors and hedge funds own 99.90% 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 REIT and a member of the S&P 500. As of December 31, 2018, the Company owned and/or operated 1,647 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 125.7 million square feet of rentable space.
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