Extra Space Storage, Inc. (EXR) Expected to Post Quarterly Sales of $302.79 Million

Brokerages predict that Extra Space Storage, Inc. (NYSE:EXR) will report $302.79 million in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Extra Space Storage’s earnings. The highest sales estimate is $309.51 million and the lowest is $293.41 million. Extra Space Storage posted sales of $281.84 million in the same quarter last year, which would indicate a positive year over year growth rate of 7.4%. The firm is expected to issue its next earnings report on Tuesday, February 19th.

On average, analysts expect that Extra Space Storage will report full-year sales of $1.18 billion for the current financial year, with estimates ranging from $1.14 billion to $1.20 billion. For the next year, analysts expect that the business will post sales of $1.26 billion, with estimates ranging from $1.22 billion to $1.31 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Extra Space Storage.

Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, October 30th. The real estate investment trust reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.17). The firm had revenue of $266.70 million during the quarter, compared to analysts’ expectations of $266.81 million. Extra Space Storage had a net margin of 47.29% and a return on equity of 20.11%. Extra Space Storage’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.13 earnings per share.



EXR has been the subject of several analyst reports. ValuEngine downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Citigroup decreased their target price on shares of Extra Space Storage from $103.00 to $92.00 and set a “hold” rating for the company in a research note on Friday, October 5th. BMO Capital Markets set a $93.00 target price on shares of Extra Space Storage and gave the company a “hold” rating in a research note on Tuesday, July 31st. Finally, SunTrust Banks restated a “hold” rating and issued a $93.00 target price on shares of Extra Space Storage in a research note on Wednesday, August 8th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Extra Space Storage presently has a consensus rating of “Hold” and an average target price of $96.40.

Shares of EXR stock traded down $1.17 on Friday, hitting $94.24. The stock had a trading volume of 525,341 shares, compared to its average volume of 1,102,441. The company has a market capitalization of $12.01 billion, a PE ratio of 21.51, a price-to-earnings-growth ratio of 3.74 and a beta of 0.07. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.72. Extra Space Storage has a 52-week low of $77.53 and a 52-week high of $101.96.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be issued a $0.86 dividend. The ex-dividend date is Thursday, December 13th. This represents a $3.44 annualized dividend and a yield of 3.65%. Extra Space Storage’s dividend payout ratio is presently 78.54%.

In related news, EVP James Overturf sold 880 shares of the company’s stock in a transaction on Tuesday, October 16th. The shares were sold at an average price of $86.24, for a total value of $75,891.20. Following the sale, the executive vice president now directly owns 72,097 shares of the company’s stock, valued at $6,217,645.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.52% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of EXR. Xact Kapitalforvaltning AB raised its holdings in shares of Extra Space Storage by 8.3% during the second quarter. Xact Kapitalforvaltning AB now owns 28,223 shares of the real estate investment trust’s stock worth $2,817,000 after purchasing an additional 2,169 shares during the period. Bank of Montreal Can raised its holdings in shares of Extra Space Storage by 335.3% during the second quarter. Bank of Montreal Can now owns 334,660 shares of the real estate investment trust’s stock worth $33,404,000 after purchasing an additional 257,785 shares during the period. Amalgamated Bank raised its holdings in shares of Extra Space Storage by 6.7% during the second quarter. Amalgamated Bank now owns 18,628 shares of the real estate investment trust’s stock worth $1,859,000 after purchasing an additional 1,173 shares during the period. Confluence Wealth Management LLC raised its holdings in shares of Extra Space Storage by 16.1% during the second quarter. Confluence Wealth Management LLC now owns 8,930 shares of the real estate investment trust’s stock worth $891,000 after purchasing an additional 1,240 shares during the period. Finally, USS Investment Management Ltd acquired a new stake in shares of Extra Space Storage during the second quarter worth $31,061,000.

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 June 30, 2018, the Company owned and/or operated 1,568 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1,090,000 units and approximately 119 million square feet of rentable space.

Featured Story: Technical Analysis of Stocks and What It Means

Get a free copy of the Zacks research report on Extra Space Storage (EXR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

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.

Leave a Reply