Extra Space Storage, Inc. (NYSE:EXR) – DA Davidson boosted their FY2018 earnings per share estimates for Extra Space Storage in a report released on Wednesday, October 31st. DA Davidson analyst B. Oxford now forecasts that the real estate investment trust will post earnings per share of $4.63 for the year, up from their previous estimate of $4.62. DA Davidson also issued estimates for Extra Space Storage’s Q4 2018 earnings at $1.19 EPS, Q1 2019 earnings at $1.17 EPS, Q2 2019 earnings at $1.24 EPS, Q3 2019 earnings at $1.28 EPS, Q4 2019 earnings at $1.27 EPS, FY2019 earnings at $4.96 EPS, Q1 2020 earnings at $1.25 EPS, Q2 2020 earnings at $1.30 EPS, Q3 2020 earnings at $1.34 EPS and FY2020 earnings at $5.25 EPS.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $1.02 EPS for the quarter, missing the Zacks’ 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 firm had revenue of $266.70 million during the quarter, compared to analyst estimates of $266.81 million. During the same period last year, the business posted $1.13 EPS. The company’s revenue was up 7.3% on a year-over-year basis.
EXR has been the subject of a number of other research reports. Jefferies Financial Group reissued a “hold” rating and issued a $104.00 price objective on shares of Extra Space Storage in a research note on Wednesday, July 18th. SunTrust Banks reissued a “hold” rating and issued a $93.00 price objective on shares of Extra Space Storage in a research note 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 note on Tuesday, July 31st. Bank of America raised their price objective on Extra Space Storage from $107.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, July 16th. Finally, Goldman Sachs Group cut Extra Space Storage from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, July 12th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $95.27.
Shares of Extra Space Storage stock opened at $87.22 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.53 and a debt-to-equity ratio of 1.72. Extra Space Storage has a 52 week low of $77.53 and a 52 week high of $101.96. The company has a market capitalization of $11.03 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 3.65 and a beta of 0.07.
Several large investors have recently made changes to their positions in EXR. Principal Financial Group Inc. boosted its position in shares of Extra Space Storage by 2.4% during the first quarter. Principal Financial Group Inc. now owns 2,847,149 shares of the real estate investment trust’s stock valued at $248,727,000 after buying an additional 66,223 shares during the last quarter. Brown Advisory Inc. boosted its position in shares of Extra Space Storage by 13.6% during the first quarter. Brown Advisory Inc. now owns 4,473 shares of the real estate investment trust’s stock valued at $391,000 after buying an additional 534 shares during the last quarter. DnB Asset Management AS boosted its position in shares of Extra Space Storage by 7.0% during the second quarter. DnB Asset Management AS now owns 13,700 shares of the real estate investment trust’s stock valued at $1,367,000 after buying an additional 900 shares during the last quarter. IFM Investors Pty Ltd lifted its holdings in Extra Space Storage by 36.7% during the second quarter. IFM Investors Pty Ltd now owns 6,337 shares of the real estate investment trust’s stock worth $632,000 after acquiring an additional 1,700 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its holdings in Extra Space Storage by 8.3% during the second quarter. Xact Kapitalforvaltning AB now owns 28,223 shares of the real estate investment trust’s stock worth $2,817,000 after acquiring an additional 2,169 shares during the period.
In related news, EVP James Overturf sold 880 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $86.24, for a total transaction of $75,891.20. Following the transaction, the executive vice president now owns 72,097 shares of the company’s stock, valued at $6,217,645.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 2,640 shares of company stock worth $235,849. 3.52% of the stock is owned by insiders.
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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