Analysts Expect Extra Space Storage Inc (EXR) Will Announce Earnings of $1.09 Per Share
Analysts forecast that Extra Space Storage Inc (NYSE:EXR) will report $1.09 earnings per share for the current quarter, Zacks reports. Five analysts have made estimates for Extra Space Storage’s earnings, with the highest EPS estimate coming in at $1.12 and the lowest estimate coming in at $1.06. Extra Space Storage reported earnings per share of $0.93 during the same quarter last year, which suggests a positive year-over-year growth rate of 17.2%. The firm is scheduled to report its next quarterly earnings results on Wednesday, October 25th.
On average, analysts expect that Extra Space Storage will report full year earnings of $4.30 per share for the current financial year, with EPS estimates ranging from $4.28 to $4.33. 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 $4.55. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that follow Extra Space Storage.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $276.00 million for the quarter, compared to the consensus estimate of $239.89 million. During the same period last year, the business posted $0.94 EPS. The business’s revenue was up 13.0% compared to the same quarter last year.
EXR has been the topic of a number of analyst reports. BidaskClub cut Extra Space Storage from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Cantor Fitzgerald reaffirmed a “hold” rating and set a $77.00 price objective on shares of Extra Space Storage in a report on Friday, September 1st. KeyCorp reaffirmed a “buy” rating and set a $82.00 price objective on shares of Extra Space Storage in a report on Friday, August 25th. Bank of America Corporation lowered Extra Space Storage from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $83.00 to $81.00 in a report on Thursday, July 20th. Finally, BMO Capital Markets started coverage on Extra Space Storage in a report on Monday. They set a “market perform” rating and a $78.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Extra Space Storage has an average rating of “Hold” and an average target price of $82.00.
In other Extra Space Storage news, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $78.31, for a total value of $1,566,200.00. Following the completion of the sale, the director now owns 665,748 shares in the company, valued at approximately $52,134,725.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Overturf sold 1,300 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $75.50, for a total transaction of $98,150.00. Following the completion of the sale, the executive vice president now owns 86,275 shares of the company’s stock, valued at approximately $6,513,762.50. The disclosure for this sale can be found here. Insiders sold a total of 62,600 shares of company stock valued at $4,909,001 in the last 90 days. Corporate insiders own 3.72% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Navellier & Associates Inc acquired a new stake in Extra Space Storage in the 2nd quarter valued at about $423,000. Phocas Financial Corp. increased its position in Extra Space Storage by 2.7% in the 2nd quarter. Phocas Financial Corp. now owns 6,985 shares of the real estate investment trust’s stock valued at $545,000 after acquiring an additional 186 shares in the last quarter. WFG Advisors LP increased its position in Extra Space Storage by 5.3% in the 2nd quarter. WFG Advisors LP now owns 4,483 shares of the real estate investment trust’s stock valued at $350,000 after acquiring an additional 226 shares in the last quarter. Toronto Dominion Bank increased its position in Extra Space Storage by 25.6% in the 2nd quarter. Toronto Dominion Bank now owns 42,654 shares of the real estate investment trust’s stock valued at $3,327,000 after acquiring an additional 8,681 shares in the last quarter. Finally, WINTON GROUP Ltd increased its position in Extra Space Storage by 11.6% in the 2nd quarter. WINTON GROUP Ltd now owns 14,280 shares of the real estate investment trust’s stock valued at $1,114,000 after acquiring an additional 1,488 shares in the last quarter.
Shares of Extra Space Storage (EXR) traded up 0.098% on Thursday, reaching $76.975. The company had a trading volume of 75,043 shares. The firm has a market capitalization of $9.70 billion, a PE ratio of 26.307 and a beta of 0.35. The firm’s 50 day moving average is $77.76 and its 200 day moving average is $76.91. Extra Space Storage has a 12 month low of $68.09 and a 12 month high of $83.23.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.02%. The ex-dividend date is Thursday, September 14th. Extra Space Storage’s dividend payout ratio is currently 107.22%.
About Extra Space Storage
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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