Extra Space Storage Inc. (NYSE:EXR) – Truist Securiti lifted their Q3 2021 earnings per share (EPS) estimates for Extra Space Storage in a research note issued to investors on Monday, June 21st. Truist Securiti analyst K. Kim now forecasts that the real estate investment trust will post earnings of $1.55 per share for the quarter, up from their previous estimate of $1.54. Truist Securiti also issued estimates for Extra Space Storage’s Q4 2021 earnings at $1.55 EPS, FY2021 earnings at $6.15 EPS, FY2022 earnings at $6.52 EPS, FY2023 earnings at $6.78 EPS, FY2024 earnings at $7.13 EPS and FY2025 earnings at $7.55 EPS.
Several other equities research analysts have also recently issued reports on EXR. Morgan Stanley raised their target price on shares of Extra Space Storage from $122.00 to $134.00 and gave the stock an “underweight” rating in a research report on Wednesday, May 26th. KeyCorp raised their price objective on Extra Space Storage from $152.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, June 18th. Truist increased their target price on shares of Extra Space Storage from $137.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, May 17th. They noted that the move was a valuation call. BMO Capital Markets reissued a “market perform” rating and issued a $160.00 target price on shares of Extra Space Storage in a research note on Thursday, May 20th. Finally, Truist Securities increased their price target on Extra Space Storage from $150.00 to $168.00 and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $142.87.
Extra Space Storage (NYSE:EXR) last posted its earnings results on Wednesday, April 28th. The real estate investment trust reported $1.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.04. The company had revenue of $358.90 million for the quarter, compared to analyst estimates of $305.78 million. Extra Space Storage had a return on equity of 20.70% and a net margin of 43.95%. Extra Space Storage’s revenue was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.24 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Stockholders of record on Tuesday, June 15th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Monday, June 14th. Extra Space Storage’s payout ratio is 75.76%.
In other news, CEO Joseph D. Margolis sold 3,750 shares of the business’s stock in a transaction on Thursday, April 1st. The shares were sold at an average price of $134.24, for a total value of $503,400.00. Following the completion of the transaction, the chief executive officer now owns 52,492 shares of the company’s stock, valued at approximately $7,046,526.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Grace Kunde sold 331 shares of the firm’s stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $144.84, for a total transaction of $47,942.04. Following the sale, the senior vice president now owns 10,368 shares in the company, valued at $1,501,701.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,941 shares of company stock worth $13,087,005. Company insiders own 2.20% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in EXR. E Fund Management Co. Ltd. bought a new position in Extra Space Storage during the 1st quarter worth $31,000. Ameritas Investment Company LLC purchased a new position in Extra Space Storage during the 1st quarter worth $31,000. O Shaughnessy Asset Management LLC increased its position in shares of Extra Space Storage by 89.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 239 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 113 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Extra Space Storage by 58.9% during the fourth quarter. First Horizon Advisors Inc. now owns 294 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 109 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in Extra Space Storage during the 1st quarter valued at $46,000. Institutional investors and hedge funds own 96.18% 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 September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.
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