Extra Space Storage Inc (NYSE:EXR) Expected to Announce Earnings of $1.09 Per Share
Equities research analysts expect that Extra Space Storage Inc (NYSE:EXR) will post earnings per share of $1.09 for the current quarter, Zacks reports. Five analysts have issued estimates for Extra Space Storage’s earnings. The highest EPS estimate is $1.10 and the lowest is $1.07. Extra Space Storage posted earnings of $1.02 per share in the same quarter last year, which suggests a positive year over year growth rate of 6.9%. The firm is expected to announce its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Extra Space Storage will report full year earnings of $4.27 per share for the current financial year, with EPS estimates ranging from $4.23 to $4.30. For the next financial year, analysts forecast that the firm will post earnings of $4.44 per share, with EPS estimates ranging from $4.31 to $4.56. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Extra Space Storage.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, topping 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 company had revenue of $276 million during the quarter, compared to analysts’ expectations of $239.89 million. During the same quarter in the prior year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year.
Several equities analysts have issued reports on the company. Citigroup Inc. reiterated a “neutral” rating on shares of Extra Space Storage in a research report on Thursday, May 11th. Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 price objective on shares of Extra Space Storage in a research report on Thursday, April 27th. Bank of America Corporation downgraded Extra Space Storage from a “buy” rating to a “neutral” rating and cut their price objective for the company from $83.00 to $81.00 in a research report on Thursday, July 20th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $77.00 price objective on shares of Extra Space Storage in a research report on Monday, May 22nd. Finally, BidaskClub upgraded Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Extra Space Storage has an average rating of “Hold” and a consensus price target of $85.67.
In related news, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.09, for a total transaction of $1,581,800.00. Following the completion of the sale, the director now directly owns 665,748 shares of the company’s stock, valued at $52,654,009.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP James Overturf sold 1,300 shares of Extra Space Storage stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $74.59, for a total value of $96,967.00. Following the sale, the executive vice president now directly owns 89,475 shares of the company’s stock, valued at $6,673,940.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 63,900 shares of company stock valued at $4,957,788. 3.72% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in EXR. Janney Montgomery Scott LLC bought a new stake in shares of Extra Space Storage during the first quarter worth approximately $204,000. Pacer Advisors Inc. boosted its stake in shares of 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 period. Global X Management Co. LLC boosted its stake in shares of 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 worth $211,000 after buying an additional 842 shares during the period. Atria Investments LLC bought a new stake in shares of Extra Space Storage during the second quarter worth approximately $213,000. Finally, Achmea Investment Management B.V. bought a new stake in shares of Extra Space Storage during the first quarter worth approximately $216,000.
Extra Space Storage (NYSE:EXR) traded down 0.854% on Tuesday, hitting $77.205. The stock had a trading volume of 302,212 shares. The firm’s 50-day moving average price is $77.55 and its 200-day moving average price is $76.27. The firm has a market cap of $9.70 billion, a P/E ratio of 26.467 and a beta of 0.34. Extra Space Storage has a 1-year low of $68.09 and a 1-year high of $85.12.
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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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