Extra Space Storage Inc (EXR) Expected to Announce Quarterly Sales of $277.04 Million
Analysts forecast that Extra Space Storage Inc (NYSE:EXR) will report $277.04 million in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Extra Space Storage’s earnings. The highest sales estimate is $286.70 million and the lowest is $269.63 million. Extra Space Storage posted sales of $257.18 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.7%. The firm is scheduled to issue its next earnings report after the market closes on Wednesday, November 1st.
According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $277.04 million for the current fiscal year, with estimates ranging from $1.05 billion to $1.22 billion. For the next financial year, analysts expect that the company will post sales of $1.16 billion per share, with estimates ranging from $1.07 billion to $1.28 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Extra Space Storage.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.04. The firm had revenue of $276.00 million for the quarter, compared to the consensus estimate of $239.89 million. Extra Space Storage had a net margin of 36.35% and a return on equity of 15.20%. Extra Space Storage’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm posted $0.94 EPS.
Several equities research analysts have recently weighed in on EXR shares. Bank of America Corporation lowered shares of Extra Space Storage from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $83.00 to $81.00 in a report on Thursday, July 20th. BidaskClub raised shares of Extra Space Storage from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Evercore ISI reissued an “in-line” rating and set a $80.00 price objective (up previously from $78.00) on shares of Extra Space Storage in a report on Thursday, September 14th. KeyCorp reissued a “buy” rating and set a $82.00 price objective on shares of Extra Space Storage in a report on Friday, August 25th. Finally, BMO Capital Markets started coverage on shares of Extra Space Storage in a report on Monday, September 11th. They set a “market perform” rating and a $78.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $82.56.
In other Extra Space Storage news, EVP James Overturf sold 1,300 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $81.80, for a total transaction of $106,340.00. Following the transaction, the executive vice president now directly owns 83,675 shares in the company, valued at approximately $6,844,615. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $79.64, for a total transaction of $1,592,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,900 shares of company stock worth $5,043,527. Corporate insiders own 3.72% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. AXA lifted its position in Extra Space Storage by 17.1% during the 2nd quarter. AXA now owns 303,966 shares of the real estate investment trust’s stock valued at $23,709,000 after purchasing an additional 44,312 shares during the period. Morgan Stanley lifted its position in Extra Space Storage by 108.1% during the 1st quarter. Morgan Stanley now owns 265,835 shares of the real estate investment trust’s stock valued at $19,777,000 after purchasing an additional 138,084 shares during the period. HighTower Advisors LLC lifted its position in Extra Space Storage by 6.4% during the 1st quarter. HighTower Advisors LLC now owns 3,906 shares of the real estate investment trust’s stock valued at $288,000 after purchasing an additional 235 shares during the period. American Century Companies Inc. lifted its position in Extra Space Storage by 112.6% during the 2nd quarter. American Century Companies Inc. now owns 632,684 shares of the real estate investment trust’s stock valued at $49,349,000 after purchasing an additional 335,139 shares during the period. Finally, Westpac Banking Corp lifted its position in Extra Space Storage by 6.6% during the 2nd quarter. Westpac Banking Corp now owns 259,624 shares of the real estate investment trust’s stock valued at $20,251,000 after purchasing an additional 16,122 shares during the period.
Shares of Extra Space Storage (NYSE EXR) opened at 81.77 on Monday. The company has a market capitalization of $10.30 billion, a P/E ratio of 27.95 and a beta of 0.36. Extra Space Storage has a 12 month low of $68.09 and a 12 month high of $83.23. The company has a 50-day moving average of $79.93 and a 200 day moving average of $77.66.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were given a dividend of $0.78 per share. The ex-dividend date was Thursday, September 14th. This represents a $3.12 dividend on an annualized basis and a yield of 3.82%. Extra Space Storage’s payout ratio is presently 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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