Equities research analysts expect Extra Space Storage Inc. (NYSE:EXR) to announce $351.85 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Extra Space Storage’s earnings, with the lowest sales estimate coming in at $342.40 million and the highest estimate coming in at $361.30 million. Extra Space Storage posted sales of $332.45 million in the same quarter last year, which suggests a positive year over year growth rate of 5.8%. The company is scheduled to issue its next quarterly earnings report on Monday, February 22nd.
According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $1.41 billion for the current fiscal year, with estimates ranging from $1.28 billion to $1.50 billion. For the next financial year, analysts anticipate that the business will report sales of $1.48 billion, with estimates ranging from $1.30 billion to $1.61 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that cover Extra Space Storage.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Sunday, February 21st. The real estate investment trust reported $1.19 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.35 by ($0.16). Extra Space Storage had a return on equity of 16.54% and a net margin of 34.54%. The business had revenue of $301.10 million during the quarter, compared to analyst estimates of $293.09 million. During the same quarter last year, the firm earned $0.82 EPS. The business’s revenue was up 4.3% on a year-over-year basis.
A number of equities research analysts recently commented on EXR shares. Zacks Investment Research downgraded Extra Space Storage from a “buy” rating to a “hold” rating and set a $118.00 target price for the company. in a report on Tuesday, January 12th. KeyCorp upgraded shares of Extra Space Storage from a “sector weight” rating to an “overweight” rating and set a $124.00 price objective for the company in a research note on Friday, November 13th. Truist upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Friday, January 22nd. JPMorgan Chase & Co. raised Extra Space Storage from a “neutral” rating to an “overweight” rating and set a $124.00 target price on the stock in a report on Monday, December 21st. Finally, Raymond James raised Extra Space Storage from a “market perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research note on Thursday, February 4th. One investment analyst has rated the stock with a sell rating, four have given 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 target price of $116.00.
EXR stock traded up $6.41 during trading on Thursday, hitting $127.15. The company had a trading volume of 26,453 shares, compared to its average volume of 789,375. Extra Space Storage has a 1-year low of $72.70 and a 1-year high of $121.83. The firm has a 50-day moving average price of $114.75 and a 200-day moving average price of $112.13. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.91. The firm has a market cap of $16.70 billion, a PE ratio of 35.83, a price-to-earnings-growth ratio of 5.80 and a beta of 0.17.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 31st. Stockholders of record on Monday, March 15th will be issued a dividend of $1.00 per share. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Friday, March 12th. Extra Space Storage’s dividend payout ratio is presently 73.77%.
In related news, CEO Joseph D. Margolis sold 2,500 shares of Extra Space Storage stock in a transaction on 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 approximately $13,271,030. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.64% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA increased its holdings in shares of Extra Space Storage by 106.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 966,241 shares of the real estate investment trust’s stock valued at $103,378,000 after acquiring an additional 497,868 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Extra Space Storage by 4,112.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 489,911 shares of the real estate investment trust’s stock valued at $56,761,000 after purchasing an additional 478,281 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Extra Space Storage by 143.7% during the fourth quarter. Wells Fargo & Company MN now owns 765,020 shares of the real estate investment trust’s stock worth $88,636,000 after purchasing an additional 451,126 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Extra Space Storage by 16.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,805,764 shares of the real estate investment trust’s stock worth $325,076,000 after buying an additional 394,349 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Extra Space Storage by 65.5% in the 3rd quarter. Great West Life Assurance Co. Can now owns 492,302 shares of the real estate investment trust’s stock valued at $41,433,000 after buying an additional 194,920 shares during the period. 96.89% of the stock is owned by institutional investors and hedge funds.
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 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Extra Space Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage and related companies with MarketBeat.com's FREE daily email newsletter.