Extra Space Storage, Inc. (NYSE:EXR) – SunTrust Banks lifted their Q2 2019 earnings per share estimates for shares of Extra Space Storage in a report issued on Tuesday, May 14th. SunTrust Banks analyst K. Kim now anticipates that the real estate investment trust will post earnings per share of $1.19 for the quarter, up from their previous forecast of $1.18. SunTrust Banks also issued estimates for Extra Space Storage’s Q3 2019 earnings at $1.22 EPS, Q4 2019 earnings at $1.21 EPS, FY2019 earnings at $4.81 EPS, Q1 2020 earnings at $1.19 EPS, Q2 2020 earnings at $1.23 EPS, Q3 2020 earnings at $1.27 EPS, Q4 2020 earnings at $1.26 EPS, FY2020 earnings at $4.87 EPS, FY2021 earnings at $5.02 EPS, FY2022 earnings at $5.39 EPS and FY2023 earnings at $5.78 EPS.
Several other analysts also recently issued reports on EXR. Zacks Investment Research downgraded shares of Extra Space Storage from a “hold” rating to a “sell” rating in a report on Thursday, April 4th. BMO Capital Markets reaffirmed a “hold” rating and set a $94.00 price objective on shares of Extra Space Storage in a report on Wednesday, May 1st. Raymond James downgraded shares of Extra Space Storage from an “outperform” rating to a “market perform” rating and set a $99.27 price objective for the company. in a report on Thursday, March 21st. Finally, ValuEngine downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating in a report on Friday, February 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $97.93.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.02. Extra Space Storage had a net margin of 37.12% and a return on equity of 16.56%. The company had revenue of $271.00 million for the quarter, compared to analyst estimates of $266.01 million. During the same quarter in the prior year, the business posted $1.09 EPS. Extra Space Storage’s quarterly revenue was up 9.3% on a year-over-year basis.
In other Extra Space Storage news, EVP James Overturf sold 5,173 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $100.03, for a total value of $517,455.19. Following the completion of the sale, the executive vice president now directly owns 73,054 shares of the company’s stock, valued at approximately $7,307,591.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Spencer Kirk sold 45,000 shares of the stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $95.92, for a total transaction of $4,316,400.00. Following the completion of the sale, the director now directly owns 502,529 shares of the company’s stock, valued at $48,202,581.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 146,856 shares of company stock valued at $14,260,018. 3.29% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Extra Space Storage by 20.2% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,379 shares of the real estate investment trust’s stock valued at $1,262,000 after purchasing an additional 2,083 shares during the period. Morgan Stanley boosted its holdings in Extra Space Storage by 83.0% in the 1st quarter. Morgan Stanley now owns 1,349,683 shares of the real estate investment trust’s stock valued at $137,547,000 after purchasing an additional 612,078 shares during the period. Coastal Investment Advisors Inc. bought a new stake in Extra Space Storage in the 1st quarter valued at $246,000. Genesee Capital Advisors LLC bought a new stake in Extra Space Storage in the 1st quarter valued at $615,000. Finally, Advisors Asset Management Inc. boosted its holdings in Extra Space Storage by 28.8% in the 1st quarter. Advisors Asset Management Inc. now owns 21,164 shares of the real estate investment trust’s stock valued at $2,157,000 after purchasing an additional 4,736 shares during the period. 99.98% of the stock is owned by hedge funds and other institutional investors.
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, 2018, the Company owned and/or operated 1,647 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 125.7 million square feet of rentable space.
Recommended Story: What are the components of an earnings report?
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.