Brokerages forecast that Extra Space Storage Inc (NYSE:EXR) will report $279.19 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Extra Space Storage’s earnings, with the highest sales estimate coming in at $285.90 million and the lowest estimate coming in at $270.96 million. Extra Space Storage reported sales of $257.18 million in the same quarter last year, which would suggest a positive year over year growth rate of 8.6%. The business is expected to issue its next quarterly earnings report on Wednesday, October 25th.

According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $279.19 million for the current year, with estimates ranging from $1.06 billion to $1.12 billion. For the next financial year, analysts anticipate that the firm will post sales of $1.18 billion per share, with estimates ranging from $1.09 billion to $1.28 billion. Zacks Investment Research’s sales 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 posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.04. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The business had revenue of $276 million during the quarter, compared to the consensus estimate of $239.89 million. During the same period in the prior year, the business posted $0.94 earnings per share. Extra Space Storage’s quarterly revenue was up 13.0% on a year-over-year basis.

Several equities analysts have recently commented on the stock. BidaskClub downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Sunday, July 30th. Bank of America Corporation downgraded shares of Extra Space Storage from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $83.00 to $81.00 in a research note on Thursday, July 20th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $77.00 price objective on shares of Extra Space Storage in a research note on Monday, May 22nd. Goldman Sachs Group, Inc. (The) raised 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 note on Monday, May 15th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of Extra Space Storage in a research note on Thursday, May 11th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned 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.

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In related news, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $78.31, for a total transaction of $1,566,200.00. Following the transaction, the director now owns 665,748 shares in the company, valued at $52,134,725.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP James Overturf sold 1,300 shares of the business’s 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 transaction, the executive vice president now owns 89,475 shares in the company, valued at approximately $6,673,940.25. The disclosure for this sale can be found here. Insiders have sold 63,900 shares of company stock worth $4,957,788 in the last quarter. 3.72% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Old Mutual Global Investors UK Ltd. boosted its stake in shares of Extra Space Storage by 194.5% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 19,730 shares of the real estate investment trust’s stock worth $1,538,000 after buying an additional 13,030 shares during the period. Ffcm LLC boosted its stake in shares of Extra Space Storage by 6.4% in the second quarter. Ffcm LLC now owns 6,509 shares of the real estate investment trust’s stock worth $508,000 after buying an additional 391 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Extra Space Storage by 161.6% in the second quarter. JPMorgan Chase & Co. now owns 1,319,479 shares of the real estate investment trust’s stock worth $102,921,000 after buying an additional 815,051 shares during the period. State of Tennessee Treasury Department boosted its stake in shares of Extra Space Storage by 0.3% in the second quarter. State of Tennessee Treasury Department now owns 59,438 shares of the real estate investment trust’s stock worth $4,636,000 after buying an additional 160 shares during the period. Finally, Westpac Banking Corp boosted its stake in shares of Extra Space Storage by 6.6% in the second quarter. Westpac Banking Corp now owns 259,624 shares of the real estate investment trust’s stock worth $20,251,000 after buying an additional 16,122 shares during the period.

Shares of Extra Space Storage (EXR) opened at 76.59 on Thursday. The firm has a market capitalization of $9.63 billion, a P/E ratio of 26.26 and a beta of 0.34. The firm’s 50-day moving average price is $77.65 and its 200-day moving average price is $76.42. Extra Space Storage has a one year low of $68.09 and a one year high of $85.12.

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

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