Wall Street analysts expect Extra Space Storage, Inc. (NYSE:EXR) to post $286.75 million in sales for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Extra Space Storage’s earnings, with the highest sales estimate coming in at $291.90 million and the lowest estimate coming in at $279.98 million. Extra Space Storage posted sales of $263.01 million in the same quarter last year, which suggests a positive year-over-year growth rate of 9%. The firm is expected to announce its next earnings report after the market closes on Tuesday, May 1st.
On average, analysts expect that Extra Space Storage will report full year sales of $1.19 billion for the current year, with estimates ranging from $1.17 billion to $1.21 billion. For the next financial year, analysts expect that the company will report sales of $1.26 billion per share, with estimates ranging from $1.22 billion to $1.30 billion. Zacks’ sales 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, February 20th. The real estate investment trust reported $1.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.55. Extra Space Storage had a return on equity of 18.87% and a net margin of 44.67%. The firm had revenue of $281.84 million for the quarter, compared to analysts’ expectations of $283.74 million.
Several equities analysts have recently issued reports on the company. SunTrust Banks reissued a “hold” rating and set a $88.00 target price on shares of Extra Space Storage in a research note on Friday, April 13th. Zacks Investment Research raised Extra Space Storage from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a research note on Tuesday, March 6th. Cantor Fitzgerald set a $86.00 target price on Extra Space Storage and gave the company a “hold” rating in a research note on Thursday, March 8th. Jefferies Group set a $92.00 target price on Extra Space Storage and gave the company a “hold” rating in a research note on Tuesday, March 6th. Finally, BMO Capital Markets set a $78.00 target price on Extra Space Storage and gave the company a “hold” rating in a research note on Tuesday, February 20th. One analyst has rated the stock with a sell rating, ten have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $87.00.
In related news, VP P Scott Stubbs sold 9,250 shares of Extra Space Storage stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $85.73, for a total transaction of $793,002.50. Following the sale, the vice president now directly owns 144,973 shares in the company, valued at $12,428,535.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James Overturf sold 880 shares of Extra Space Storage stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $81.62, for a total value of $71,825.60. Following the sale, the executive vice president now owns 82,577 shares in the company, valued at $6,739,934.74. The disclosure for this sale can be found here. Insiders have sold 62,300 shares of company stock worth $5,393,630 over the last 90 days. 3.52% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norinchukin Bank The boosted its holdings in Extra Space Storage by 7.4% in the fourth quarter. Norinchukin Bank The now owns 10,066 shares of the real estate investment trust’s stock worth $880,000 after acquiring an additional 694 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Extra Space Storage by 5.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 14,950 shares of the real estate investment trust’s stock worth $1,307,000 after acquiring an additional 766 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its holdings in Extra Space Storage by 2.8% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 28,157 shares of the real estate investment trust’s stock worth $2,462,000 after acquiring an additional 775 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Extra Space Storage by 2.4% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 37,835 shares of the real estate investment trust’s stock worth $3,249,000 after acquiring an additional 900 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Extra Space Storage by 38.9% in the fourth quarter. Mackenzie Financial Corp now owns 4,118 shares of the real estate investment trust’s stock worth $360,000 after acquiring an additional 1,154 shares in the last quarter.
Shares of EXR traded down $1.31 during mid-day trading on Monday, hitting $86.09. 738,808 shares of the company’s stock traded hands, compared to its average volume of 899,148. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.93 and a current ratio of 0.93. Extra Space Storage has a 1 year low of $71.34 and a 1 year high of $89.62. The stock has a market capitalization of $11,015.68, a PE ratio of 19.66, a price-to-earnings-growth ratio of 3.32 and a beta of 0.21.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Thursday, March 15th were given a dividend of $0.78 per share. The ex-dividend date was Wednesday, March 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.62%. Extra Space Storage’s dividend payout ratio is presently 71.23%.
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Extra Space Storage Company Profile
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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