Brokerages expect Extra Space Storage, Inc. (NYSE:EXR) to post $1.20 earnings per share for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Extra Space Storage’s earnings. The highest EPS estimate is $1.21 and the lowest is $1.18. Extra Space Storage reported earnings per share of $1.13 in the same quarter last year, which suggests a positive year-over-year growth rate of 6.2%. The company is expected to issue its next quarterly earnings results on Wednesday, November 7th.
According to Zacks, analysts expect that Extra Space Storage will report full-year earnings of $4.63 per share for the current financial year, with EPS estimates ranging from $4.59 to $4.67. For the next fiscal year, analysts expect that the business will report earnings of $4.87 per share, with EPS estimates ranging from $4.80 to $4.94. Zacks’ EPS 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 announced its earnings results on Tuesday, July 31st. The real estate investment trust reported $1.15 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.15. The company had revenue of $258.13 million for the quarter, compared to analyst estimates of $257.14 million. Extra Space Storage had a return on equity of 18.93% and a net margin of 44.23%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.09 earnings per share.
A number of equities analysts have recently weighed in on the company. SunTrust Banks reiterated a “hold” rating and set a $93.00 target price on shares of Extra Space Storage in a research note on Wednesday, August 8th. BMO Capital Markets set a $93.00 target price on Extra Space Storage and gave the stock a “hold” rating in a research note on Tuesday, July 31st. ValuEngine lowered Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Robert W. Baird lowered Extra Space Storage from an “outperform” rating to a “neutral” rating and set a $83.00 target price on the stock. in a research note on Wednesday, July 18th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $104.00 target price on shares of Extra Space Storage in a research note on Wednesday, July 18th. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $96.27.
Shares of NYSE EXR opened at $88.41 on Monday. The company has a market cap of $11.43 billion, a PE ratio of 20.18, a PEG ratio of 3.77 and a beta of 0.15. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.64 and a current ratio of 0.64. Extra Space Storage has a 1-year low of $76.55 and a 1-year high of $101.96.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, September 13th. Extra Space Storage’s dividend payout ratio is currently 78.54%.
In related news, EVP James Overturf sold 880 shares of the stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $94.58, for a total transaction of $83,230.40. Following the sale, the executive vice president now owns 73,857 shares of the company’s stock, valued at $6,985,395.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.52% of the company’s stock.
A number of large investors have recently modified their holdings of EXR. Massachusetts Financial Services Co. MA grew its position in Extra Space Storage by 205.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,059,696 shares of the real estate investment trust’s stock worth $205,577,000 after buying an additional 1,385,706 shares in the last quarter. Cbre Clarion Securities LLC boosted its holdings in shares of Extra Space Storage by 20.6% in the 2nd quarter. Cbre Clarion Securities LLC now owns 4,585,475 shares of the real estate investment trust’s stock valued at $457,676,000 after purchasing an additional 781,758 shares in the last quarter. Heitman Real Estate Securities LLC acquired a new stake in shares of Extra Space Storage in the 1st quarter valued at $45,893,000. Millennium Management LLC boosted its holdings in shares of Extra Space Storage by 1,286.2% in the 1st quarter. Millennium Management LLC now owns 412,538 shares of the real estate investment trust’s stock valued at $36,039,000 after purchasing an additional 382,778 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Extra Space Storage by 203.5% in the 2nd quarter. Morgan Stanley now owns 492,182 shares of the real estate investment trust’s stock valued at $49,124,000 after purchasing an additional 330,022 shares in the last quarter.
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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