Analysts predict that Extra Space Storage, Inc. (NYSE:EXR) will announce $1.08 earnings per share for the current quarter, Zacks reports. Four analysts have made estimates for Extra Space Storage’s earnings. The highest EPS estimate is $1.12 and the lowest is $1.06. Extra Space Storage reported earnings per share of $1.03 during the same quarter last year, which indicates a positive year-over-year growth rate of 4.9%. The company is scheduled to report its next earnings report on Wednesday, April 25th.
According to Zacks, analysts expect that Extra Space Storage will report full-year earnings of $4.52 per share for the current financial year, with EPS estimates ranging from $4.45 to $4.64. For the next fiscal year, analysts forecast that the firm will report earnings of $4.72 per share, with EPS estimates ranging from $4.60 to $4.86. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow Extra Space Storage.
A number of analysts recently weighed in on EXR shares. Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Thursday, November 30th. Royal Bank of Canada increased their price target on shares of Extra Space Storage from $79.00 to $84.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 14th. Jefferies Group set a $92.00 price target on shares of Extra Space Storage and gave the stock a “hold” rating in a research note on Tuesday, March 6th. Cantor Fitzgerald set a $83.00 price objective on shares of Extra Space Storage and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Finally, Morgan Stanley upgraded shares of Extra Space Storage from an “underweight” rating to an “equal weight” rating and set a $83.00 price objective for the company in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $86.92.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $3.12 dividend on an annualized basis and a yield of 3.54%. Extra Space Storage’s payout ratio is currently 82.98%.
Extra Space Storage declared that its Board of Directors has approved a share buyback program on Monday, November 13th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
In other news, Director Diane Olmstead sold 1,436 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $87.04, for a total value of $124,989.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kenneth M. Woolley sold 46,779 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $86.82, for a total transaction of $4,061,352.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,470 shares of company stock valued at $4,632,976. 3.72% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Fieldpoint Private Securities LLC purchased a new position in shares of Extra Space Storage in the 3rd quarter valued at about $103,000. Janney Montgomery Scott LLC purchased a new position in shares of Extra Space Storage in the 3rd quarter valued at about $200,000. Conning Inc. purchased a new position in shares of Extra Space Storage in the 4th quarter valued at about $202,000. Mackenzie Financial Corp purchased a new position in shares of Extra Space Storage in the 3rd quarter valued at about $237,000. Finally, Commonwealth Equity Services Inc purchased a new position in shares of Extra Space Storage in the 3rd quarter valued at about $245,000.
COPYRIGHT VIOLATION WARNING: This news story was originally published by Markets Daily and is owned by of Markets Daily. If you are viewing this news story on another website, it was illegally stolen and republished in violation of United States & international trademark and copyright law. The legal version of this news story can be viewed at https://www.themarketsdaily.com/2018/03/11/1-08-eps-expected-for-extra-space-storage-inc-exr-this-quarter.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.