Wall Street brokerages predict that Extra Space Storage Inc (NYSE:EXR) will report earnings of $1.09 per share for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Extra Space Storage’s earnings, with estimates ranging from $1.07 to $1.10. Extra Space Storage posted earnings per share of $1.02 in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.9%. The company is expected to report its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Extra Space Storage will report full year earnings of $4.27 per share for the current fiscal year, with EPS estimates ranging from $4.23 to $4.30. For the next financial year, analysts forecast that the firm will report earnings of $4.44 per share, with EPS estimates ranging from $4.31 to $4.56. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Extra Space Storage.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.04. Extra Space Storage had a net margin of 36.35% and a return on equity of 15.20%. The firm had revenue of $276 million during the quarter, compared to analysts’ expectations of $239.89 million. During the same period in the previous year, the company earned $0.94 EPS. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year.
Several equities research analysts recently issued reports on EXR shares. Royal Bank Of Canada restated a “hold” rating and set a $80.00 price objective on shares of Extra Space Storage in a research report on Thursday, April 27th. BidaskClub upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating in a research report on Saturday, June 17th. Citigroup Inc. restated a “neutral” rating on shares of Extra Space Storage in a research report on Thursday, May 11th. Cantor Fitzgerald restated a “neutral” rating and set a $77.00 price objective on shares of Extra Space Storage in a research report on Monday, May 22nd. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Extra Space Storage from a “buy” rating to a “conviction-buy” rating and set a $95.00 price objective for the company in a research report on Monday, May 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Extra Space Storage has a consensus rating of “Hold” and an average price target of $85.67.
In other Extra Space Storage news, EVP James Overturf sold 1,300 shares of the stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $74.59, for a total transaction of $96,967.00. Following the completion of the transaction, the executive vice president now owns 89,475 shares of the company’s stock, valued at $6,673,940.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Spencer Kirk sold 20,000 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $78.31, for a total transaction of $1,566,200.00. Following the transaction, the director now directly owns 665,748 shares of the company’s stock, valued at approximately $52,134,725.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 63,900 shares of company stock valued at $4,957,788. 3.72% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Extra Space Storage by 2,356.1% in the first quarter. BlackRock Inc. now owns 11,742,847 shares of the real estate investment trust’s stock valued at $873,550,000 after buying an additional 11,264,744 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Extra Space Storage by 11.2% in the first quarter. Daiwa Securities Group Inc. now owns 5,327,021 shares of the real estate investment trust’s stock valued at $396,278,000 after buying an additional 536,392 shares during the period. Vanguard Group Inc. raised its position in shares of Extra Space Storage by 2.0% in the first quarter. Vanguard Group Inc. now owns 21,494,458 shares of the real estate investment trust’s stock valued at $1,598,973,000 after buying an additional 411,415 shares during the period. American Century Companies Inc. raised its position in shares of Extra Space Storage by 112.6% in the second quarter. American Century Companies Inc. now owns 632,684 shares of the real estate investment trust’s stock valued at $49,349,000 after buying an additional 335,139 shares during the period. Finally, Tobam raised its position in shares of Extra Space Storage by 50.2% in the second quarter. Tobam now owns 774,418 shares of the real estate investment trust’s stock valued at $60,405,000 after buying an additional 258,912 shares during the period.
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Extra Space Storage (NYSE:EXR) traded down 0.854% during trading on Tuesday, hitting $77.205. 302,212 shares of the company were exchanged. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 26.467 and a beta of 0.34. Extra Space Storage has a 12 month low of $68.09 and a 12 month high of $85.12. The stock’s 50-day moving average is $77.55 and its 200-day moving average is $76.27.
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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