Extra Space Storage Inc. (NYSE:EXR) Expected to Post Quarterly Sales of $413.55 Million

Equities analysts forecast that Extra Space Storage Inc. (NYSE:EXR) will post sales of $413.55 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Extra Space Storage’s earnings. The lowest sales estimate is $409.64 million and the highest is $419.00 million. Extra Space Storage posted sales of $353.49 million during the same quarter last year, which suggests a positive year-over-year growth rate of 17%. The company is expected to announce its next quarterly earnings report on Monday, February 28th.

According to Zacks, analysts expect that Extra Space Storage will report full year sales of $1.56 billion for the current fiscal year, with estimates ranging from $1.50 billion to $1.60 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.68 billion, with estimates ranging from $1.58 billion to $1.73 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Extra Space Storage.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Wednesday, October 27th. The real estate investment trust reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.31). The firm had revenue of $351.36 million for the quarter, compared to analysts’ expectations of $338.35 million. Extra Space Storage had a net margin of 49.09% and a return on equity of 22.72%. The firm’s revenue was up 21.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.31 EPS.

Several research firms have issued reports on EXR. The Goldman Sachs Group reissued a “buy” rating and set a $237.00 price target on shares of Extra Space Storage in a report on Monday, November 1st. Truist boosted their price target on Extra Space Storage from $176.00 to $188.00 and gave the company a “buy” rating in a report on Monday, August 16th. They noted that the move was a valuation call. Berenberg Bank began coverage on Extra Space Storage in a report on Thursday, October 7th. They set a “buy” rating and a $198.00 price target for the company. Truist Securities boosted their price target on Extra Space Storage from $176.00 to $188.00 and gave the company a “buy” rating in a report on Monday, August 16th. Finally, Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating and set a $211.00 price target for the company. in a report on Wednesday, November 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $182.33.

In other news, COO Matthew T. Herrington sold 400 shares of the stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $202.53, for a total value of $81,012.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Joseph D. Margolis sold 3,750 shares of the stock in a transaction that occurred on Friday, October 1st. The stock was sold at an average price of $168.81, for a total value of $633,037.50. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Hanlon Investment Management Inc. bought a new position in Extra Space Storage in the third quarter worth approximately $1,111,000. Bank of New York Mellon Corp grew its stake in Extra Space Storage by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 1,162,030 shares of the real estate investment trust’s stock worth $195,211,000 after purchasing an additional 8,867 shares in the last quarter. Wealthsource Partners LLC bought a new position in Extra Space Storage in the third quarter worth approximately $473,000. Gyon Technologies Capital Management LP grew its stake in Extra Space Storage by 47.8% in the third quarter. Gyon Technologies Capital Management LP now owns 1,945 shares of the real estate investment trust’s stock worth $327,000 after purchasing an additional 629 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in Extra Space Storage in the third quarter worth approximately $599,000. 95.37% of the stock is currently owned by institutional investors.

NYSE:EXR opened at $204.32 on Friday. The stock has a 50-day simple moving average of $186.68 and a two-hundred day simple moving average of $174.44. Extra Space Storage has a 52-week low of $106.56 and a 52-week high of $204.74. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.49 and a current ratio of 0.49. The firm has a market capitalization of $27.36 billion, a PE ratio of 38.05, a P/E/G ratio of 2.60 and a beta of 0.29.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Wednesday, December 15th will be given a $1.25 dividend. The ex-dividend date is Tuesday, December 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.45%. Extra Space Storage’s dividend payout ratio is currently 93.11%.

Extra Space Storage Company Profile

Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.

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Earnings History and Estimates for Extra Space Storage (NYSE:EXR)

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