Equities analysts predict that Extra Space Storage Inc (NYSE:EXR) will report $277.04 million in sales for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Extra Space Storage’s earnings, with estimates ranging from $269.63 million to $286.70 million. Extra Space Storage reported sales of $257.18 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 7.7%. The firm is expected to announce its next quarterly earnings results after the market closes on Wednesday, November 1st.
According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $277.04 million for the current fiscal year, with estimates ranging from $1.05 billion to $1.12 billion. For the next year, analysts anticipate that the company will post sales of $1.16 billion per share, with estimates ranging from $1.07 billion to $1.28 billion. Zacks’ 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 Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.04. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The business had revenue of $276.00 million for the quarter, compared to analysts’ expectations of $239.89 million. During the same period in the previous year, the firm posted $0.94 EPS. The business’s revenue was up 13.0% on a year-over-year basis.
EXR has been the subject of several research reports. Jefferies Group LLC reiterated a “hold” rating and set a $80.00 price objective on shares of Extra Space Storage in a research note on Tuesday. BidaskClub raised shares of Extra Space Storage from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Cantor Fitzgerald reissued a “hold” rating and set a $77.00 target price on shares of Extra Space Storage in a report on Sunday, August 20th. Evercore ISI reissued an “in-line” rating and set a $80.00 target price (up previously from $78.00) on shares of Extra Space Storage in a report on Thursday, September 14th. Finally, BMO Capital Markets started coverage on shares of Extra Space Storage in a report on Monday, September 11th. They issued a “market perform” rating and a $78.00 price objective for the company. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Extra Space Storage currently has an average rating of “Hold” and an average target price of $82.56.
In other news, EVP James Overturf sold 1,300 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total value of $98,150.00. Following the completion of the sale, the executive vice president now owns 86,275 shares in the company, valued at approximately $6,513,762.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $78.12, for a total transaction of $1,562,400.00. Following the completion of the sale, the director now owns 665,748 shares of the company’s stock, valued at approximately $52,008,233.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,900 shares of company stock valued at $5,043,527. Company insiders own 3.72% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC purchased a new position in shares of Extra Space Storage in the 3rd quarter valued at about $131,000. Atria Investments LLC purchased a new position in Extra Space Storage during the 2nd quarter valued at about $213,000. Federated Investors Inc. PA purchased a new position in Extra Space Storage during the 2nd quarter valued at about $218,000. Global X Management Co. LLC increased its holdings in Extra Space Storage by 42.4% during the 1st quarter. Global X Management Co. LLC now owns 2,830 shares of the real estate investment trust’s stock valued at $211,000 after acquiring an additional 842 shares in the last quarter. Finally, Achmea Investment Management B.V. purchased a new position in Extra Space Storage during the 1st quarter valued at about $216,000.
Shares of Extra Space Storage (NYSE:EXR) traded down 2.42% during mid-day trading on Monday, hitting $78.70. The stock had a trading volume of 2,684,302 shares. The stock has a market cap of $9.92 billion, a P/E ratio of 26.90 and a beta of 0.36. Extra Space Storage has a 52-week low of $68.09 and a 52-week high of $83.23. The company’s 50 day moving average is $80.12 and its 200-day moving average is $77.74.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.96%. The ex-dividend date was Thursday, September 14th. Extra Space Storage’s payout ratio is 107.22%.
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About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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