Wall Street analysts forecast that Extra Space Storage, Inc. (NYSE:EXR) will report sales of $328.60 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Extra Space Storage's earnings. The lowest sales estimate is $319.89 million and the highest is $336.55 million. Extra Space Storage reported sales of $337.51 million during the same quarter last year, which indicates a negative year-over-year growth rate of 2.6%. The firm is expected to report its next earnings results after the market closes on Wednesday, November 4th.
On average, analysts expect that Extra Space Storage will report full-year sales of $1.32 billion for the current fiscal year, with estimates ranging from $1.29 billion to $1.34 billion. For the next financial year, analysts forecast that the firm will post sales of $1.34 billion, with estimates ranging from $1.30 billion to $1.39 billion. Zacks Investment Research's sales averages are an average based on a survey of research analysts that that provide coverage for Extra Space Storage.
Extra Space Storage (NYSE:EXR) last issued its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.07. Extra Space Storage had a return on equity of 16.34% and a net margin of 34.79%. The firm had revenue of $279.31 million for the quarter, compared to analyst estimates of $279.08 million. During the same period in the previous year, the company posted $1.22 earnings per share. The company's quarterly revenue was down .1% compared to the same quarter last year.
EXR has been the topic of a number of recent research reports. BMO Capital Markets initiated coverage on Extra Space Storage in a report on Tuesday, July 21st. They set a "hold" rating and a $106.00 price objective on the stock. Morgan Stanley lifted their price objective on Extra Space Storage from $83.00 to $94.00 and gave the company an "underweight" rating in a report on Monday, September 21st. Jefferies Financial Group raised Extra Space Storage from a "hold" rating to a "buy" rating and lifted their price objective for the company from $121.00 to $135.00 in a report on Tuesday, October 13th. Citigroup downgraded Extra Space Storage from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $105.00 to $112.00 in a report on Monday, September 21st. Finally, KeyCorp raised Extra Space Storage from an "underweight" rating to a "sector weight" rating in a report on Tuesday, September 1st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. The stock currently has a consensus rating of "Hold" and a consensus target price of $106.60.
Shares of EXR opened at $118.66 on Monday. Extra Space Storage has a 12-month low of $72.70 and a 12-month high of $118.70. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.85. The firm has a market capitalization of $15.32 billion, a price-to-earnings ratio of 35.74, a P/E/G ratio of 19.24 and a beta of 0.23. The stock's 50-day moving average price is $110.76 and its 200 day moving average price is $100.07.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Monday, September 14th. Extra Space Storage's payout ratio is currently 73.77%.
In other Extra Space Storage news, CFO P Scott Stubbs sold 7,100 shares of the company's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $106.67, for a total transaction of $757,357.00. Following the transaction, the chief financial officer now owns 151,888 shares of the company's stock, valued at approximately $16,201,892.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Gwyn Goodson Mcneal sold 2,400 shares of the company's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $107.72, for a total value of $258,528.00. Following the transaction, the executive vice president now directly owns 23,733 shares in the company, valued at approximately $2,556,518.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,505 shares of company stock worth $11,743,887. Company insiders own 2.64% of the company's stock.
Large investors have recently bought and sold shares of the business. Aew Capital Management L P bought a new stake in shares of Extra Space Storage during the 2nd quarter valued at $51,727,000. Goldman Sachs Group Inc. raised its position in shares of Extra Space Storage by 50.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,580,586 shares of the real estate investment trust's stock valued at $145,999,000 after acquiring an additional 528,553 shares during the last quarter. TD Asset Management Inc. raised its position in shares of Extra Space Storage by 521.4% during the 2nd quarter. TD Asset Management Inc. now owns 434,995 shares of the real estate investment trust's stock valued at $40,180,000 after acquiring an additional 364,992 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Extra Space Storage by 5,169.8% during the 2nd quarter. Nordea Investment Management AB now owns 334,318 shares of the real estate investment trust's stock valued at $30,902,000 after acquiring an additional 327,974 shares during the last quarter. Finally, PGGM Investments raised its position in shares of Extra Space Storage by 8.0% during the 3rd quarter. PGGM Investments now owns 4,388,982 shares of the real estate investment trust's stock valued at $469,577,000 after acquiring an additional 325,000 shares during the last quarter. 98.88% of the stock is currently 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.
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