Zacks: Brokerages Expect Extra Space Storage Inc. (NYSE:EXR) Will Announce Earnings of $1.53 Per Share

Analysts forecast that Extra Space Storage Inc. (NYSE:EXR) will announce earnings of $1.53 per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Extra Space Storage’s earnings, with the highest EPS estimate coming in at $1.56 and the lowest estimate coming in at $1.50. Extra Space Storage posted earnings of $1.23 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 24.4%. The business is scheduled to issue its next earnings results on Tuesday, August 3rd.

On average, analysts expect that Extra Space Storage will report full-year earnings of $6.10 per share for the current financial year, with EPS estimates ranging from $6.02 to $6.14. For the next fiscal year, analysts anticipate that the firm will post earnings of $6.28 per share, with EPS estimates ranging from $5.77 to $6.49. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that follow Extra Space Storage.

Extra Space Storage (NYSE:EXR) last issued its quarterly earnings data on Wednesday, April 28th. The real estate investment trust reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.04. The business had revenue of $358.90 million for the quarter, compared to analyst estimates of $305.78 million. Extra Space Storage had a net margin of 43.95% and a return on equity of 20.70%. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. During the same period last year, the business posted $1.24 earnings per share.

EXR has been the topic of a number of recent research reports. Truist Securities lifted their target price on Extra Space Storage from $137.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, May 17th. BMO Capital Markets reiterated a “market perform” rating and issued a $160.00 price objective on shares of Extra Space Storage in a report on Thursday, May 20th. Wells Fargo & Company increased their target price on shares of Extra Space Storage from $147.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, May 28th. KeyCorp lifted their price target on shares of Extra Space Storage from $142.00 to $152.00 and gave the company an “overweight” rating in a research note on Thursday, May 20th. Finally, UBS Group assumed coverage on Extra Space Storage in a report on Thursday, June 3rd. They issued a “buy” rating and a $168.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $137.00.

In related news, SVP Grace Kunde sold 331 shares of the business’s stock in a transaction on Friday, May 14th. The stock was sold at an average price of $144.84, for a total value of $47,942.04. Following the completion of the sale, the senior vice president now directly owns 10,368 shares in the company, valued at approximately $1,501,701.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Spencer Kirk sold 85,000 shares of the company’s stock in a transaction on Thursday, May 6th. The shares were sold at an average price of $146.00, for a total value of $12,410,000.00. Following the completion of the transaction, the director now directly owns 96,895 shares in the company, valued at $14,146,670. The disclosure for this sale can be found here. In the last 90 days, insiders sold 145,941 shares of company stock worth $20,517,645. 2.20% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of EXR. E Fund Management Co. Ltd. bought a new position in Extra Space Storage during the 1st quarter worth $31,000. Ameritas Investment Company LLC bought a new position in Extra Space Storage during the 1st quarter worth $31,000. O Shaughnessy Asset Management LLC increased its position in Extra Space Storage by 89.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 239 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 113 shares during the period. First Horizon Advisors Inc. increased its position in Extra Space Storage by 58.9% during the 4th quarter. First Horizon Advisors Inc. now owns 294 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 109 shares during the period. Finally, TCTC Holdings LLC bought a new position in Extra Space Storage during the 4th quarter worth $44,000. Hedge funds and other institutional investors own 96.18% of the company’s stock.

Shares of Extra Space Storage stock traded up $0.59 during trading on Thursday, reaching $159.16. The stock had a trading volume of 461,076 shares, compared to its average volume of 769,812. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.60. The company has a market cap of $21.28 billion, a P/E ratio of 36.04, a price-to-earnings-growth ratio of 4.80 and a beta of 0.17. The business’s fifty day simple moving average is $145.74. Extra Space Storage has a 52 week low of $88.88 and a 52 week high of $159.96.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 15th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Monday, June 14th. Extra Space Storage’s payout ratio is presently 75.76%.

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

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