Brokerages Anticipate Extra Space Storage Inc. (NYSE:EXR) to Announce $1.71 EPS

Brokerages expect Extra Space Storage Inc. (NYSE:EXR) to report $1.71 earnings per share for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Extra Space Storage’s earnings. The highest EPS estimate is $1.72 and the lowest is $1.67. Extra Space Storage posted earnings of $1.31 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 30.5%. The firm is scheduled to issue its next earnings report on Wednesday, November 3rd.

On average, analysts expect that Extra Space Storage will report full-year earnings of $6.57 per share for the current financial year, with EPS estimates ranging from $6.51 to $6.61. For the next year, analysts expect that the business will post earnings of $7.05 per share, with EPS estimates ranging from $6.92 to $7.25. Zacks’ EPS averages are an average based on a survey of research firms that that provide coverage for Extra Space Storage.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, July 27th. The real estate investment trust reported $1.25 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.31). Extra Space Storage had a net margin of 46.33% and a return on equity of 21.51%. The company had revenue of $378.60 million for the quarter, compared to the consensus estimate of $318.63 million. During the same quarter in the previous year, the business earned $1.23 EPS. The company’s quarterly revenue was up 35.6% compared to the same quarter last year.

Several equities research analysts have recently commented on EXR shares. Raymond James lowered shares of Extra Space Storage from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 10th. Citigroup boosted their price target on shares of Extra Space Storage from $151.00 to $175.00 and gave the company a “neutral” rating in a report on Thursday, July 1st. Morgan Stanley boosted their price target on shares of Extra Space Storage from $146.00 to $157.00 and gave the company an “underweight” rating in a report on Monday, August 16th. KeyCorp boosted their price objective on shares of Extra Space Storage from $180.00 to $194.00 and gave the stock an “overweight” rating in a research note on Monday, August 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of Extra Space Storage from $147.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, May 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Extra Space Storage has an average rating of “Buy” and an average target price of $170.15.

Shares of NYSE:EXR traded down $1.20 during trading hours on Thursday, hitting $182.94. The company’s stock had a trading volume of 428,349 shares, compared to its average volume of 775,083. Extra Space Storage has a 52 week low of $102.74 and a 52 week high of $194.67. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.40 and a quick ratio of 0.40. The company has a market capitalization of $24.48 billion, a price-to-earnings ratio of 37.72, a P/E/G ratio of 3.31 and a beta of 0.19. The firm’s fifty day moving average price is $178.29 and its 200 day moving average price is $157.07.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.73%. The ex-dividend date is Tuesday, September 14th. This is an increase from Extra Space Storage’s previous quarterly dividend of $1.00. Extra Space Storage’s payout ratio is currently 94.70%.

In other news, COO Samrat Sondhi sold 11,140 shares of the company’s stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $173.83, for a total value of $1,936,466.20. Following the sale, the chief operating officer now directly owns 82,260 shares of the company’s stock, valued at approximately $14,299,255.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph D. Margolis sold 3,750 shares of the company’s stock in a transaction on Thursday, July 1st. The shares were sold at an average price of $164.89, for a total transaction of $618,337.50. Following the completion of the sale, the chief executive officer now directly owns 52,492 shares in the company, valued at $8,655,405.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,390 shares of company stock worth $2,990,854. 2.20% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC raised its position in Extra Space Storage by 6.3% during the second quarter. Parametric Portfolio Associates LLC now owns 344,651 shares of the real estate investment trust’s stock worth $56,461,000 after acquiring an additional 20,362 shares during the period. B. Metzler seel. Sohn & Co. Holding AG raised its position in Extra Space Storage by 8.1% during the second quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 4,838 shares of the real estate investment trust’s stock worth $793,000 after acquiring an additional 361 shares during the period. Mariner LLC acquired a new position in Extra Space Storage during the second quarter worth $1,695,000. Morgan Stanley raised its position in Extra Space Storage by 10.7% during the second quarter. Morgan Stanley now owns 473,972 shares of the real estate investment trust’s stock worth $77,646,000 after acquiring an additional 45,864 shares during the period. Finally, Thrivent Financial for Lutherans raised its position in Extra Space Storage by 2.2% during the second quarter. Thrivent Financial for Lutherans now owns 202,884 shares of the real estate investment trust’s stock worth $33,236,000 after acquiring an additional 4,366 shares during the period. 96.43% of the stock is currently owned by hedge funds and other institutional investors.

Extra Space Storage Company Profile

Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.

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

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