Analysts predict that Extra Space Storage (NYSE:EXR) will announce $1.15 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Extra Space Storage’s earnings. The lowest EPS estimate is $1.10 and the highest is $1.17. Extra Space Storage posted earnings of $1.09 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.5%. The firm is expected to report its next earnings results on Tuesday, August 7th.
On average, analysts expect that Extra Space Storage will report full-year earnings of $4.62 per share for the current year, with EPS estimates ranging from $4.54 to $4.67. For the next fiscal year, analysts expect that the business will report earnings of $4.87 per share, with EPS estimates ranging from $4.79 to $4.93. Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that cover Extra Space Storage.
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Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Tuesday, May 1st. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.09 by ($0.39). The business had revenue of $247.88 million for the quarter, compared to analyst estimates of $248.26 million. Extra Space Storage had a return on equity of 18.85% and a net margin of 44.28%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.03 earnings per share.
Several equities analysts have recently issued reports on the company. Bank of America upgraded Extra Space Storage from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a research report on Tuesday, May 8th. SunTrust Banks reaffirmed a “hold” rating and issued a $88.00 price target on shares of Extra Space Storage in a report on Friday, April 13th. Zacks Investment Research raised Extra Space Storage from a “hold” rating to a “buy” rating and set a $97.00 price target on the stock in a report on Tuesday, March 6th. Cantor Fitzgerald set a $83.00 price target on Extra Space Storage and gave the company a “hold” rating in a report on Wednesday, February 21st. Finally, BMO Capital Markets set a $84.00 price target on Extra Space Storage and gave the company a “hold” rating in a report on Tuesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $90.33.
In other news, EVP James Overturf sold 880 shares of the business’s stock in a transaction on Thursday, March 22nd. The shares were sold at an average price of $85.33, for a total transaction of $75,090.40. Following the transaction, the executive vice president now directly owns 81,257 shares in the company, valued at approximately $6,933,659.81. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP P Scott Stubbs sold 9,250 shares of the business’s stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $85.73, for a total transaction of $793,002.50. Following the transaction, the vice president now owns 144,973 shares in the company, valued at $12,428,535.29. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,211 shares of company stock worth $3,557,167. Company insiders own 3.52% of the company’s stock.
Several institutional investors have recently bought and sold shares of EXR. BlackRock Inc. grew its stake in shares of Extra Space Storage by 2.1% during the fourth quarter. BlackRock Inc. now owns 12,555,071 shares of the real estate investment trust’s stock valued at $1,097,941,000 after purchasing an additional 254,959 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Extra Space Storage by 39.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 3,333,071 shares of the real estate investment trust’s stock valued at $291,177,000 after acquiring an additional 938,851 shares during the period. Deutsche Bank AG grew its position in shares of Extra Space Storage by 2.5% in the 4th quarter. Deutsche Bank AG now owns 2,923,110 shares of the real estate investment trust’s stock valued at $255,617,000 after acquiring an additional 71,286 shares during the period. Principal Financial Group Inc. grew its position in shares of Extra Space Storage by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 2,847,149 shares of the real estate investment trust’s stock valued at $248,727,000 after acquiring an additional 66,223 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Extra Space Storage by 59.4% in the 4th quarter. Bank of New York Mellon Corp now owns 2,209,113 shares of the real estate investment trust’s stock valued at $193,186,000 after acquiring an additional 823,278 shares during the period.
Shares of NYSE EXR traded up $0.29 during midday trading on Tuesday, hitting $98.02. 599,792 shares of the company’s stock were exchanged, compared to its average volume of 835,778. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 1.66. The company has a market cap of $12.36 billion, a PE ratio of 22.38, a P/E/G ratio of 4.25 and a beta of 0.22. Extra Space Storage has a twelve month low of $73.70 and a twelve month high of $99.56.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be paid a dividend of $0.86 per share. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.78. This represents a $3.44 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Thursday, June 14th. Extra Space Storage’s payout ratio is 71.23%.
Extra Space Storage Company Profile
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 December 31, 2017, the Company owned and/or operated 1,483 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1,020,000 units and approximately 112 million square feet of rentable space.
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