Extra Space Storage, Inc. (NYSE:EXR) Expected to Post Quarterly Sales of $322.81 Million

Equities research analysts expect Extra Space Storage, Inc. (NYSE:EXR) to report sales of $322.81 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Extra Space Storage’s earnings. The lowest sales estimate is $322.43 million and the highest is $323.20 million. Extra Space Storage posted sales of $296.81 million during the same quarter last year, which suggests a positive year over year growth rate of 8.8%. The company is expected to issue its next quarterly earnings report after the market closes on Tuesday, July 30th.

On average, analysts expect that Extra Space Storage will report full-year sales of $1.26 billion for the current year, with estimates ranging from $1.21 billion to $1.30 billion. For the next financial year, analysts anticipate that the firm will post sales of $1.33 billion, with estimates ranging from $1.29 billion to $1.39 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Extra Space Storage.

Extra Space Storage (NYSE:EXR) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.02. Extra Space Storage had a return on equity of 16.56% and a net margin of 37.12%. The firm had revenue of $271.00 million for the quarter, compared to the consensus estimate of $266.01 million. During the same period in the prior year, the business posted $1.09 earnings per share. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year.

Several equities research analysts have commented on EXR shares. Raymond James set a $28.00 price target on Wheaton Precious Metals and gave the stock a “buy” rating in a research note on Thursday, March 21st. Evercore ISI lowered Essex Property Trust from an “outperform” rating to an “in-line” rating in a research note on Monday, April 1st. Zacks Investment Research lowered Guaranty Federal Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, April 23rd. Finally, BMO Capital Markets restated a “hold” rating and set a $45.00 price target on shares of SAP in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $98.16.

In other news, SVP Grace Kunde sold 623 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $106.23, for a total value of $66,181.29. Following the completion of the sale, the senior vice president now owns 8,940 shares in the company, valued at $949,696.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James Overturf sold 880 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $100.84, for a total value of $88,739.20. Following the completion of the sale, the executive vice president now owns 69,609 shares of the company’s stock, valued at approximately $7,019,371.56. The disclosure for this sale can be found here. Insiders have sold 22,805 shares of company stock valued at $2,429,222 over the last 90 days. 3.29% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its stake in shares of Extra Space Storage by 1.0% in the first quarter. BlackRock Inc. now owns 13,302,708 shares of the real estate investment trust’s stock valued at $1,355,678,000 after buying an additional 135,871 shares in the last quarter. Cohen & Steers Inc. grew its stake in shares of Extra Space Storage by 2.3% in the fourth quarter. Cohen & Steers Inc. now owns 8,158,274 shares of the real estate investment trust’s stock valued at $738,161,000 after buying an additional 185,762 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Extra Space Storage by 8.8% in the first quarter. Principal Financial Group Inc. now owns 3,984,402 shares of the real estate investment trust’s stock valued at $406,050,000 after buying an additional 321,688 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Extra Space Storage by 24.1% in the first quarter. Daiwa Securities Group Inc. now owns 3,386,588 shares of the real estate investment trust’s stock valued at $345,127,000 after buying an additional 657,927 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Extra Space Storage by 8.0% in the first quarter. FMR LLC now owns 2,553,248 shares of the real estate investment trust’s stock valued at $260,202,000 after buying an additional 189,209 shares in the last quarter. Institutional investors and hedge funds own 99.90% of the company’s stock.

NYSE:EXR traded up $0.26 on Friday, hitting $110.86. 327,630 shares of the stock were exchanged, compared to its average volume of 850,844. The stock has a market capitalization of $14.09 billion, a PE ratio of 23.74, a PEG ratio of 4.74 and a beta of 0.23. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.47 and a current ratio of 0.47. The business has a fifty day moving average of $107.84. Extra Space Storage has a fifty-two week low of $83.70 and a fifty-two week high of $111.62.

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.90 per share. The ex-dividend date was Thursday, June 13th. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.86. This represents a $3.60 annualized dividend and a yield of 3.25%. Extra Space Storage’s dividend payout ratio is currently 77.09%.

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 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.

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Earnings History and Estimates for Extra Space Storage (NYSE:EXR)

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