Extra Space Storage, Inc. (EXR) Expected to Post Quarterly Sales of $283.68 Million

Equities analysts expect Extra Space Storage, Inc. (NYSE:EXR) to announce sales of $283.68 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Extra Space Storage’s earnings, with the highest sales estimate coming in at $290.20 million and the lowest estimate coming in at $268.07 million. Extra Space Storage reported sales of $261.02 million during the same quarter last year, which suggests a positive year over year growth rate of 8.7%. The company is expected to issue its next earnings results on Tuesday, February 20th.

According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $283.68 million for the current financial year, with estimates ranging from $1.06 billion to $1.13 billion. For the next financial year, analysts anticipate that the business will post sales of $1.18 billion per share, with estimates ranging from $1.09 billion to $1.24 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow Extra Space Storage.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. Extra Space Storage had a net margin of 33.21% and a return on equity of 14.41%. The company had revenue of $284.16 million for the quarter, compared to analysts’ expectations of $246.85 million. During the same quarter last year, the company earned $1.02 earnings per share. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis.

A number of brokerages have recently commented on EXR. Morgan Stanley raised shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 target price on the stock in a report on Wednesday, December 13th. Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Wells Fargo & Co set a $93.00 target price on shares of Extra Space Storage and gave the company a “buy” rating in a report on Thursday, November 30th. Robert W. Baird reaffirmed a “buy” rating and issued a $92.00 target price on shares of Extra Space Storage in a report on Wednesday, November 29th. Finally, Jefferies Group set a $90.00 target price on shares of Extra Space Storage and gave the company a “hold” rating in a report on Tuesday, November 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $86.42.

In related news, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $81.38, for a total value of $1,627,600.00. Following the sale, the director now directly owns 665,748 shares in the company, valued at approximately $54,178,572.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $86.55, for a total transaction of $112,515.00. Following the completion of the sale, the executive vice president now owns 82,375 shares in the company, valued at $7,129,556.25. The disclosure for this sale can be found here. Insiders have sold a total of 43,830 shares of company stock worth $3,660,665 over the last 90 days. Insiders own 3.72% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Suntrust Banks Inc. boosted its position in shares of Extra Space Storage by 1.4% in the 2nd quarter. Suntrust Banks Inc. now owns 3,300 shares of the real estate investment trust’s stock worth $256,000 after buying an additional 45 shares in the last quarter. Phocas Financial Corp. boosted its position in shares of 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 worth $545,000 after buying an additional 186 shares in the last quarter. WFG Advisors LP boosted its position in shares of 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 worth $350,000 after buying an additional 226 shares in the last quarter. 1st Global Advisors Inc. boosted its position in shares of Extra Space Storage by 3.3% in the 2nd quarter. 1st Global Advisors Inc. now owns 8,203 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 263 shares in the last quarter. Finally, Advisor Group Inc. boosted its position in shares of Extra Space Storage by 5.2% in the 2nd quarter. Advisor Group Inc. now owns 5,338 shares of the real estate investment trust’s stock worth $417,000 after buying an additional 266 shares in the last quarter.

Extra Space Storage (NYSE EXR) opened at $83.64 on Friday. The company has a market cap of $10,420.84, a price-to-earnings ratio of 30.75, a PEG ratio of 3.10 and a beta of 0.39. Extra Space Storage has a 1-year low of $71.34 and a 1-year high of $88.56. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.75 and a quick ratio of 0.75.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.73%. Extra Space Storage’s payout ratio is currently 114.71%.

Extra Space Storage announced that its Board of Directors has approved a stock repurchase program on Monday, November 13th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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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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Earnings History and Estimates for Extra Space Storage (NYSE:EXR)

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