Extra Space Storage, Inc. (NYSE:EXR) – Equities researchers at Cantor Fitzgerald issued their FY2018 earnings per share (EPS) estimates for Extra Space Storage in a research report issued to clients and investors on Sunday. Cantor Fitzgerald analyst G. Mehta forecasts that the real estate investment trust will post earnings per share of $4.59 for the year. Cantor Fitzgerald currently has a “Hold” rating and a $86.00 target price on the stock.
A number of other research firms have also recently commented on EXR. Morgan Stanley upgraded 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 research note on Wednesday, December 13th. Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Thursday, November 23rd. Royal Bank of Canada raised their target price on shares of Extra Space Storage from $79.00 to $84.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 14th. Jefferies Group set a $92.00 target price on shares of Extra Space Storage and gave the stock a “hold” rating in a research note on Tuesday, March 6th. Finally, Robert W. Baird restated a “buy” rating and set a $92.00 target price on shares of Extra Space Storage in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Extra Space Storage has a consensus rating of “Hold” and a consensus target price of $86.92.
Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.55. Extra Space Storage had a net margin of 44.67% and a return on equity of 18.87%. The company had revenue of $281.84 million for the quarter, compared to analysts’ expectations of $283.74 million.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Wednesday, March 14th. Extra Space Storage’s payout ratio is currently 82.98%.
In other news, insider Kenneth M. Woolley sold 46,779 shares of Extra Space Storage stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $86.82, for a total transaction of $4,061,352.78. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Diane Olmstead sold 1,436 shares of Extra Space Storage stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $87.04, for a total transaction of $124,989.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 53,470 shares of company stock worth $4,632,976. Company insiders own 3.72% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Fieldpoint Private Securities LLC bought a new stake in Extra Space Storage in the third quarter worth $103,000. Janney Montgomery Scott LLC bought a new stake in Extra Space Storage in the third quarter worth $200,000. Conning Inc. bought a new stake in Extra Space Storage in the fourth quarter worth $202,000. Mackenzie Financial Corp bought a new stake in Extra Space Storage in the third quarter worth $237,000. Finally, Commonwealth Equity Services Inc bought a new stake in Extra Space Storage in the third quarter worth $245,000.
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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