Brokers Offer Predictions for Extra Space Storage Inc’s FY2018 Earnings (EXR)
Extra Space Storage Inc (NYSE:EXR) – Equities research analysts at SunTrust Banks cut their FY2018 earnings estimates for shares of Extra Space Storage in a note issued to investors on Friday. SunTrust Banks analyst K. Kim now expects that the real estate investment trust will post earnings of $4.35 per share for the year, down from their previous forecast of $4.37. SunTrust Banks also issued estimates for Extra Space Storage’s FY2019 earnings at $4.44 EPS, FY2020 earnings at $4.62 EPS and FY2021 earnings at $4.82 EPS.
Several other equities analysts have also weighed in on EXR. Bank of America Corporation lowered shares of Extra Space Storage from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $83.00 to $81.00 in a research report on Thursday. BidaskClub lowered shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Jefferies Group LLC reissued a “hold” rating and issued a $80.00 price objective on shares of Extra Space Storage in a research report on Monday, April 3rd. Goldman Sachs Group, Inc. (The) raised shares of Extra Space Storage from a “buy” rating to a “conviction-buy” rating and set a $95.00 price objective on the stock in a research report on Monday, May 15th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $77.00 price objective on shares of Extra Space Storage in a research report on Monday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $87.58.
Extra Space Storage (EXR) opened at 78.97 on Monday. The company has a market cap of $9.92 billion, a P/E ratio of 27.33 and a beta of 0.35. The stock’s 50 day moving average is $76.77 and its 200 day moving average is $76.14. Extra Space Storage has a 12-month low of $68.09 and a 12-month high of $93.93.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.05. Extra Space Storage had a net margin of 36.40% and a return on equity of 14.92%. The company had revenue of $263 million for the quarter, compared to the consensus estimate of $233.12 million. During the same quarter in the previous year, the firm posted $0.86 EPS. The business’s revenue was up 14.6% compared to the same quarter last year.
Large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC bought a new stake in Extra Space Storage during the first quarter worth $204,000. Pacer Advisors Inc. increased its stake in Extra Space Storage by 3.2% in the first quarter. Pacer Advisors Inc. now owns 2,810 shares of the real estate investment trust’s stock worth $209,000 after buying an additional 88 shares during the last quarter. Global X Management Co. LLC increased its stake in Extra Space Storage by 42.4% in the first quarter. Global X Management Co. LLC now owns 2,830 shares of the real estate investment trust’s stock valued at $211,000 after buying an additional 842 shares in the last quarter. Atria Investments LLC acquired a new stake in Extra Space Storage during the second quarter valued at approximately $213,000. Finally, Achmea Investment Management B.V. acquired a new stake in Extra Space Storage during the first quarter valued at approximately $216,000.
In other news, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $75.28, for a total value of $1,505,600.00. Following the sale, the director now directly owns 664,430 shares in the company, valued at approximately $50,018,290.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP James Overturf sold 1,300 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $74.90, for a total transaction of $97,370.00. Following the completion of the sale, the executive vice president now owns 88,875 shares in the company, valued at $6,656,737.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 63,900 shares of company stock worth $4,881,588. 3.72% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 15th were paid a $0.78 dividend. The ex-dividend date was Tuesday, June 13th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.95%. Extra Space Storage’s payout ratio is currently 108.33%.
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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