Extra Space Storage (EXR) Announces Quarterly Earnings Results, Misses Estimates By $0.17 EPS

Extra Space Storage (NYSE:EXR) announced its earnings results on Tuesday. The real estate investment trust reported $1.02 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.17), MarketWatch Earnings reports. The firm had revenue of $266.70 million during the quarter, compared to the consensus estimate of $266.81 million. Extra Space Storage had a return on equity of 18.93% and a net margin of 44.23%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.13 EPS. Extra Space Storage updated its FY18 guidance to $4.62-4.66 EPS.

NYSE EXR traded up $0.63 during midday trading on Wednesday, hitting $91.60. The company had a trading volume of 68,123 shares, compared to its average volume of 818,072. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.64 and a quick ratio of 0.64. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 20.92, a P/E/G ratio of 3.80 and a beta of 0.11. Extra Space Storage has a fifty-two week low of $77.53 and a fifty-two week high of $101.96.

In other Extra Space Storage news, EVP James Overturf sold 880 shares of the firm’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $87.19, for a total value of $76,727.20. Following the sale, the executive vice president now directly owns 72,977 shares in the company, valued at approximately $6,362,864.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 2,640 shares of company stock worth $235,849 over the last 90 days. Company insiders own 3.52% of the company’s stock.

Several research analysts recently commented on EXR shares. Goldman Sachs Group downgraded shares of Extra Space Storage from a “conviction-buy” rating to a “buy” rating in a report on Thursday, July 12th. Robert W. Baird downgraded shares of Extra Space Storage from an “outperform” rating to a “neutral” rating and set a $83.00 target price on the stock. in a report on Wednesday, July 18th. SunTrust Banks reiterated a “hold” rating and issued a $93.00 target price on shares of Extra Space Storage in a report on Wednesday, August 8th. Citigroup dropped their target price on shares of Extra Space Storage from $103.00 to $92.00 and set a “hold” rating on the stock in a report on Friday, October 5th. Finally, BMO Capital Markets set a $93.00 target price on shares of Extra Space Storage and gave the stock a “hold” rating in a report on Tuesday, July 31st. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $95.27.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of June 30, 2018, the Company owned and/or operated 1,568 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1,090,000 units and approximately 119 million square feet of rentable space.

Read More: Return on Investment (ROI)

Earnings History for Extra Space Storage (NYSE:EXR)

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