Equities research analysts expect that Extra Space Storage, Inc. (NYSE:EXR) will post earnings of $1.19 per share for the current quarter, according to Zacks. Two analysts have issued estimates for Extra Space Storage’s earnings. The highest EPS estimate is $1.23 and the lowest is $1.17. Extra Space Storage posted earnings of $1.15 per share during the same quarter last year, which would indicate a positive year over year growth rate of 3.5%. The firm is scheduled to report its next earnings results on Tuesday, July 30th.
On average, analysts expect that Extra Space Storage will report full-year earnings of $4.81 per share for the current fiscal year, with EPS estimates ranging from $4.76 to $4.85. For the next year, analysts expect that the company will report earnings of $5.03 per share, with EPS estimates ranging from $4.95 to $5.11. Zacks’ EPS averages are an average based on a survey of sell-side research firms that follow Extra Space Storage.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 firm had revenue of $271.00 million during the quarter, compared to the consensus estimate of $266.01 million. During the same period last year, the firm posted $1.09 EPS. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis.
A number of research analysts have recently commented on the stock. ValuEngine raised shares of Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Wednesday, March 6th. Zacks Investment Research lowered shares of Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Thursday, April 4th. BMO Capital Markets restated a “hold” rating and set a $94.00 price target on shares of Extra Space Storage in a research report on Wednesday, May 1st. Evercore ISI lowered shares of Extra Space Storage from an “in-line” rating to an “underperform” rating in a research report on Monday, April 1st. They noted that the move was a valuation call. Finally, Raymond James lowered shares of Extra Space Storage from an “outperform” rating to a “market perform” rating and set a $99.27 price target for the company. in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Extra Space Storage currently has an average rating of “Hold” and a consensus target price of $97.93.
Shares of NYSE EXR traded up $0.25 during midday trading on Friday, reaching $108.30. 11,471 shares of the stock were exchanged, compared to its average volume of 754,672. Extra Space Storage has a 52-week low of $83.70 and a 52-week high of $110.79. The company has a market cap of $13.87 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 4.66 and a beta of 0.26. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.47 and a quick ratio of 0.47.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 3.32%. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend is Thursday, June 13th. Extra Space Storage’s dividend payout ratio is presently 73.66%.
In other Extra Space Storage news, SVP Grace Kunde sold 623 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $106.23, for a total value of $66,181.29. Following the completion of the sale, the senior vice president now directly owns 8,940 shares of the company’s stock, valued at approximately $949,696.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP P Scott Stubbs sold 8,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $106.92, for a total transaction of $855,360.00. Following the completion of the sale, the vice president now directly owns 153,012 shares of the company’s stock, valued at $16,360,043.04. The disclosure for this sale can be found here. Insiders sold a total of 23,685 shares of company stock valued at $2,504,505 over the last three months. 3.29% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Marshall Wace North America L.P. acquired a new position in Extra Space Storage in the first quarter worth approximately $173,000. Nordea Investment Management AB increased its holdings in Extra Space Storage by 6.6% in the first quarter. Nordea Investment Management AB now owns 417,910 shares of the real estate investment trust’s stock worth $42,590,000 after buying an additional 25,839 shares during the last quarter. Cleararc Capital Inc. bought a new stake in Extra Space Storage during the first quarter worth approximately $216,000. FMR LLC boosted its position in 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 worth $260,202,000 after purchasing an additional 189,209 shares during the period. Finally, Kiwi Wealth Investments Limited Partnership bought a new stake in Extra Space Storage during the first quarter worth approximately $1,251,000. 99.91% of the stock is owned by institutional investors.
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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