Analysts Anticipate Extra Space Storage, Inc. (EXR) Will Announce Earnings of $1.14 Per Share
Wall Street analysts expect Extra Space Storage, Inc. (NYSE:EXR) to post earnings per share of $1.14 for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Extra Space Storage’s earnings, with the lowest EPS estimate coming in at $1.13 and the highest estimate coming in at $1.16. Extra Space Storage posted earnings of $1.09 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 4.6%. The company is scheduled to announce its next earnings report on Tuesday, May 7th.
According to Zacks, analysts expect that Extra Space Storage will report full year earnings of $4.85 per share for the current year, with EPS estimates ranging from $4.77 to $4.91. For the next fiscal year, analysts anticipate that the firm will report earnings of $5.04 per share, with EPS estimates ranging from $4.99 to $5.12. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Extra Space Storage.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, February 20th. The real estate investment trust reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.02. Extra Space Storage had a return on equity of 16.40% and a net margin of 37.36%. The business had revenue of $266.60 million for the quarter, compared to analysts’ expectations of $265.39 million. During the same quarter in the previous year, the business posted $1.17 EPS. Extra Space Storage’s revenue for the quarter was up 8.2% on a year-over-year basis.
Shares of NYSE:EXR traded down $0.27 during trading on Friday, hitting $99.78. 1,792,405 shares of the company’s stock traded hands, compared to its average volume of 884,857. Extra Space Storage has a 52 week low of $82.80 and a 52 week high of $101.96. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market capitalization of $12.68 billion, a PE ratio of 21.37, a price-to-earnings-growth ratio of 4.54 and a beta of 0.29.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.45%. The ex-dividend date is Thursday, March 14th. Extra Space Storage’s payout ratio is 73.66%.
In other Extra Space Storage news, EVP James Overturf sold 5,173 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $100.03, for a total value of $517,455.19. Following the sale, the executive vice president now owns 73,054 shares in the company, valued at approximately $7,307,591.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Spencer Kirk sold 45,000 shares of the business’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $93.12, for a total value of $4,190,400.00. Following the completion of the sale, the director now owns 630,029 shares in the company, valued at approximately $58,668,300.48. The disclosure for this sale can be found here. Insiders sold a total of 126,874 shares of company stock worth $12,139,229 in the last 90 days. Company insiders own 3.52% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rehmann Capital Advisory Group increased its position in shares of Extra Space Storage by 22.5% during the 4th quarter. Rehmann Capital Advisory Group now owns 566 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 104 shares during the last quarter. Atlas Capital Advisors LLC acquired a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $125,000. Meeder Asset Management Inc. acquired a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $137,000. ING Groep NV acquired a new position in shares of Extra Space Storage during the 3rd quarter worth approximately $208,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Extra Space Storage during the 4th quarter worth approximately $226,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.
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 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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