Zacks: Brokerages Anticipate Extra Space Storage, Inc. (NYSE:EXR) Will Post Earnings of $1.24 Per Share
Brokerages expect Extra Space Storage, Inc. (NYSE:EXR) to post earnings per share (EPS) of $1.24 for the current quarter, Zacks reports. Four analysts have provided estimates for Extra Space Storage’s earnings. The lowest EPS estimate is $1.23 and the highest is $1.25. Extra Space Storage reported earnings of $1.20 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 3.3%. The business is expected to report its next earnings results after the market closes on Tuesday, October 29th.
On average, analysts expect that Extra Space Storage will report full-year earnings of $4.87 per share for the current financial year, with EPS estimates ranging from $4.83 to $4.89. For the next year, analysts anticipate that the business will report earnings of $5.05 per share, with EPS estimates ranging from $4.97 to $5.14. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Extra Space Storage.
A number of brokerages recently commented on EXR. Stifel Nicolaus began coverage on Extra Space Storage in a report on Monday, August 19th. They set a “buy” rating and a $131.00 target price for the company. Zacks Investment Research downgraded Extra Space Storage from a “buy” rating to a “hold” rating and set a $125.00 target price for the company. in a report on Tuesday, September 10th. Robert W. Baird set a $121.00 target price on Extra Space Storage and gave the company a “hold” rating in a report on Wednesday, August 21st. Wells Fargo & Co upped their target price on Extra Space Storage from $114.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Finally, ValuEngine downgraded Extra Space Storage from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. Extra Space Storage has a consensus rating of “Hold” and an average price target of $115.53.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.08%. Extra Space Storage’s dividend payout ratio is presently 77.09%.
In other Extra Space Storage news, EVP James Overturf sold 880 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $111.78, for a total value of $98,366.40. Following the completion of the transaction, the executive vice president now owns 66,969 shares in the company, valued at $7,485,794.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph D. Margolis sold 2,500 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $114.44, for a total value of $286,100.00. Following the completion of the transaction, the chief executive officer now owns 108,732 shares of the company’s stock, valued at approximately $12,443,290.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 265,964 shares of company stock valued at $32,234,558. 3.29% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of EXR. Nuveen Asset Management LLC raised its holdings in Extra Space Storage by 2,311.2% in the second quarter. Nuveen Asset Management LLC now owns 1,292,383 shares of the real estate investment trust’s stock worth $137,122,000 after purchasing an additional 1,238,784 shares in the last quarter. Cohen & Steers Inc. raised its holdings in Extra Space Storage by 9.5% in the second quarter. Cohen & Steers Inc. now owns 10,717,434 shares of the real estate investment trust’s stock worth $1,137,120,000 after purchasing an additional 934,146 shares in the last quarter. BlackRock Inc. raised its holdings in Extra Space Storage by 6.1% in the second quarter. BlackRock Inc. now owns 14,115,936 shares of the real estate investment trust’s stock worth $1,497,702,000 after purchasing an additional 813,228 shares in the last quarter. APG Asset Management US Inc. raised its holdings in Extra Space Storage by 61.3% in the second quarter. APG Asset Management US Inc. now owns 2,072,941 shares of the real estate investment trust’s stock worth $219,939,000 after purchasing an additional 787,468 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Extra Space Storage by 10.3% in the second quarter. Daiwa Securities Group Inc. now owns 3,734,660 shares of the real estate investment trust’s stock worth $396,247,000 after purchasing an additional 348,072 shares in the last quarter. Institutional investors and hedge funds own 96.67% 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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