Brokerages forecast that Extra Space Storage Inc. (NYSE:EXR) will report earnings per share of $1.35 for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Extra Space Storage’s earnings. The highest EPS estimate is $1.40 and the lowest is $1.31. Extra Space Storage posted earnings per share of $1.24 during the same quarter last year, which suggests a positive year over year growth rate of 8.9%. The business is scheduled to issue its next quarterly earnings results on Monday, February 22nd.
According to Zacks, analysts expect that Extra Space Storage will report full year earnings of $5.52 per share for the current year, with EPS estimates ranging from $5.34 to $5.65. For the next fiscal year, analysts forecast that the company will report earnings of $5.77 per share, with EPS estimates ranging from $5.55 to $5.90. Zacks’ earnings per share calculations are an average based on a survey of analysts that follow Extra Space Storage.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Sunday, February 21st. The real estate investment trust reported $1.19 EPS for the quarter, missing the Zacks’ consensus estimate of $1.35 by ($0.16). The firm had revenue of $301.10 million for the quarter, compared to analyst estimates of $293.09 million. Extra Space Storage had a net margin of 34.54% and a return on equity of 16.54%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 earnings per share.
Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Extra Space Storage from a “neutral” rating to an “overweight” rating and set a $124.00 price target for the company in a research report on Monday, December 21st. Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating and set a $118.00 price target on the stock. in a research report on Tuesday, January 12th. Raymond James upgraded Extra Space Storage from a “market perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, February 4th. KeyCorp upgraded shares of Extra Space Storage from a “sector weight” rating to an “overweight” rating and set a $124.00 price target for the company in a report on Friday, November 13th. Finally, Morgan Stanley upped their price objective on shares of Extra Space Storage from $94.00 to $107.00 and gave the company an “underweight” rating in a research note on Wednesday, December 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $116.00.
NYSE EXR traded up $6.41 during trading hours on Tuesday, reaching $127.15. The company’s stock had a trading volume of 26,453 shares, compared to its average volume of 789,375. The firm has a fifty day simple moving average of $114.75 and a 200-day simple moving average of $112.13. The company has a debt-to-equity ratio of 1.91, a current ratio of 0.52 and a quick ratio of 0.52. Extra Space Storage has a 52 week low of $72.70 and a 52 week high of $121.83. The stock has a market cap of $16.70 billion, a P/E ratio of 35.83, a P/E/G ratio of 5.80 and a beta of 0.17.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 31st. Shareholders of record on Monday, March 15th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.15%. This is a boost from Extra Space Storage’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, March 12th. Extra Space Storage’s dividend payout ratio (DPR) is presently 73.77%.
In other news, CEO Joseph D. Margolis sold 2,500 shares of the company’s stock in a transaction dated Wednesday, December 23rd. The shares were sold at an average price of $115.10, for a total transaction of $287,750.00. Following the transaction, the chief executive officer now owns 115,300 shares in the company, valued at $13,271,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.64% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in EXR. Victory Capital Management Inc. raised its holdings in shares of Extra Space Storage by 34.4% in the 4th quarter. Victory Capital Management Inc. now owns 63,899 shares of the real estate investment trust’s stock worth $7,403,000 after acquiring an additional 16,352 shares during the last quarter. Hartford Investment Management Co. lifted its stake in Extra Space Storage by 9.3% during the 4th quarter. Hartford Investment Management Co. now owns 14,734 shares of the real estate investment trust’s stock valued at $1,707,000 after acquiring an additional 1,256 shares in the last quarter. Sei Investments Co. grew its stake in shares of Extra Space Storage by 14.9% in the 4th quarter. Sei Investments Co. now owns 349,844 shares of the real estate investment trust’s stock worth $40,419,000 after acquiring an additional 45,348 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Extra Space Storage by 14.2% in the third quarter. JPMorgan Chase & Co. now owns 654,338 shares of the real estate investment trust’s stock valued at $70,171,000 after purchasing an additional 81,444 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Extra Space Storage by 6.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,433 shares of the real estate investment trust’s stock worth $7,929,000 after buying an additional 4,416 shares in the last quarter. Hedge funds and other institutional investors own 96.89% of the company’s stock.
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 September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.
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