Equities analysts expect that Extra Space Storage, Inc. (NYSE:EXR) will report sales of $302.74 million for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Extra Space Storage’s earnings, with the lowest sales estimate coming in at $293.41 million and the highest estimate coming in at $309.51 million. Extra Space Storage reported sales of $281.84 million during the same quarter last year, which would suggest a positive year over year growth rate of 7.4%. The firm is scheduled to report its next earnings results on Tuesday, February 19th.
According to Zacks, analysts expect that Extra Space Storage will report full year sales of $1.18 billion for the current year, with estimates ranging from $1.14 billion to $1.20 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.26 billion, with estimates ranging from $1.22 billion to $1.31 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Extra Space Storage.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.19 by ($0.17). Extra Space Storage had a net margin of 47.29% and a return on equity of 20.11%. The business had revenue of $266.70 million during the quarter, compared to analyst estimates of $266.81 million. During the same quarter in the prior year, the firm posted $1.13 earnings per share. Extra Space Storage’s revenue for the quarter was up 7.3% compared to the same quarter last year.
Several equities analysts recently issued reports on the company. SunTrust Banks reiterated a “hold” rating and issued a $93.00 price objective on shares of Extra Space Storage in a research report on Wednesday, August 8th. BMO Capital Markets set a $93.00 price objective on Extra Space Storage and gave the company a “hold” rating in a research report on Tuesday, July 31st. ValuEngine upgraded Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Citigroup decreased their price objective on Extra Space Storage from $103.00 to $92.00 and set a “hold” rating for the company in a research report on Friday, October 5th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Extra Space Storage presently has a consensus rating of “Hold” and an average target price of $96.40.
In other Extra Space Storage news, EVP James Overturf sold 880 shares of the business’s stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $86.24, for a total value of $75,891.20. Following the sale, the executive vice president now owns 72,097 shares in the company, valued at approximately $6,217,645.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.52% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Korea Investment CORP lifted its stake in Extra Space Storage by 10.4% in the 2nd quarter. Korea Investment CORP now owns 75,291 shares of the real estate investment trust’s stock valued at $7,515,000 after acquiring an additional 7,100 shares in the last quarter. Soros Fund Management LLC bought a new stake in shares of Extra Space Storage during the 2nd quarter worth approximately $17,002,000. United Services Automobile Association raised its stake in shares of Extra Space Storage by 36.0% during the 2nd quarter. United Services Automobile Association now owns 53,613 shares of the real estate investment trust’s stock worth $5,351,000 after purchasing an additional 14,200 shares in the last quarter. Andra AP fonden raised its stake in shares of Extra Space Storage by 23.8% during the 3rd quarter. Andra AP fonden now owns 62,500 shares of the real estate investment trust’s stock worth $5,415,000 after purchasing an additional 12,000 shares in the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Extra Space Storage during the 2nd quarter worth approximately $533,000.
Shares of EXR traded down $1.61 on Friday, hitting $92.89. The company’s stock had a trading volume of 654,512 shares, compared to its average volume of 1,239,401. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.53 and a current ratio of 0.53. Extra Space Storage has a fifty-two week low of $77.53 and a fifty-two week high of $101.96. The firm has a market capitalization of $11.96 billion, a PE ratio of 21.21, a P/E/G ratio of 3.72 and a beta of 0.07.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend is Thursday, December 13th. Extra Space Storage’s payout ratio is 78.54%.
Extra Space Storage Company Profile
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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