Wall Street analysts predict that Extra Space Storage, Inc. (NYSE:EXR) will post $280.35 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Extra Space Storage’s earnings. The lowest sales estimate is $271.15 million and the highest is $288.20 million. Extra Space Storage posted sales of $263.01 million during the same quarter last year, which suggests a positive year over year growth rate of 6.6%. The company is scheduled to report its next quarterly earnings report on Wednesday, April 25th.
According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $280.35 million for the current financial year, with estimates ranging from $1.13 billion to $1.20 billion. For the next financial year, analysts forecast that the business will report sales of $1.24 billion per share, with estimates ranging from $1.19 billion to $1.28 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Extra Space Storage.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.55. The firm had revenue of $281.84 million during the quarter, compared to the consensus estimate of $283.74 million. Extra Space Storage had a return on equity of 36.36% and a net margin of 78.31%.
In other news, Director Diane Olmstead sold 1,436 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $87.04, for a total transaction of $124,989.44. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kenneth M. Woolley sold 46,779 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $86.82, for a total value of $4,061,352.78. The disclosure for this sale can be found here. Insiders have sold 53,470 shares of company stock worth $4,632,976 in the last 90 days. Insiders own 3.72% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Fieldpoint Private Securities LLC purchased a new stake in shares of Extra Space Storage during the third quarter worth about $103,000. Conning Inc. purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $202,000. Janney Montgomery Scott LLC purchased a new stake in shares of Extra Space Storage during the third quarter worth about $200,000. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $245,000. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Extra Space Storage during the fourth quarter worth about $250,000.
Shares of Extra Space Storage (EXR) opened at $87.56 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $11,030.00, a PE ratio of 23.86, a P/E/G ratio of 3.37 and a beta of 0.25. Extra Space Storage has a fifty-two week low of $71.34 and a fifty-two week high of $88.56.
Extra Space Storage announced that its Board of Directors has authorized a share buyback program on Monday, November 13th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.78 per share. The ex-dividend date is Wednesday, March 14th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.56%. Extra Space Storage’s payout ratio is 85.01%.
TRADEMARK VIOLATION NOTICE: This news story was originally reported by American Banking News and is owned by of American Banking News. If you are viewing this news story on another domain, it was copied illegally and republished in violation of US and international trademark & copyright laws. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2018/03/13/extra-space-storage-inc-exr-expected-to-announce-quarterly-sales-of-280-35-million.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Extra Space Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage and related companies with MarketBeat.com's FREE daily email newsletter.