Zacks: Analysts Expect Extra Space Storage, Inc. (EXR) to Post $1.20 EPS

Wall Street brokerages expect Extra Space Storage, Inc. (NYSE:EXR) to announce earnings of $1.20 per share for the current quarter, Zacks reports. Five analysts have made estimates for Extra Space Storage’s earnings. The highest EPS estimate is $1.21 and the lowest is $1.18. Extra Space Storage reported earnings of $1.13 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.2%. The business is scheduled to report its next quarterly earnings report on Wednesday, November 7th.

According to Zacks, analysts expect that Extra Space Storage will report full year earnings of $4.63 per share for the current year, with EPS estimates ranging from $4.59 to $4.67. For the next financial year, analysts forecast that the company will post earnings of $4.87 per share, with EPS estimates ranging from $4.80 to $4.94. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover Extra Space Storage.

Extra Space Storage (NYSE:EXR) last posted its earnings results on Tuesday, July 31st. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. Extra Space Storage had a return on equity of 18.93% and a net margin of 44.23%. The company had revenue of $258.13 million for the quarter, compared to analyst estimates of $257.14 million. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year.

Several research firms have issued reports on EXR. Wells Fargo & Co lifted their target price on Extra Space Storage from $99.00 to $104.00 and gave the company an “outperform” rating in a research note on Monday, June 18th. Jefferies Financial Group reiterated a “hold” rating and issued a $104.00 target price on shares of Extra Space Storage in a research note on Wednesday, July 18th. Morgan Stanley lifted their target price on Extra Space Storage from $83.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, June 14th. SunTrust Banks reiterated a “hold” rating and issued a $93.00 target price on shares of Extra Space Storage in a research note on Wednesday, August 8th. Finally, BMO Capital Markets set a $93.00 target price on Extra Space Storage and gave the company a “hold” rating in a research note on Tuesday, July 31st. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $96.27.

In other news, EVP James Overturf sold 880 shares of the business’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $94.58, for a total transaction of $83,230.40. Following the sale, the executive vice president now owns 73,857 shares in the company, valued at $6,985,395.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 2,640 shares of company stock worth $244,191 in the last 90 days. Insiders own 3.52% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Assetmark Inc. grew its stake in shares of Extra Space Storage by 7,612.5% during the second quarter. Assetmark Inc. now owns 1,234 shares of the real estate investment trust’s stock worth $123,000 after acquiring an additional 1,218 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Extra Space Storage during the second quarter worth about $143,000. Focused Wealth Management Inc acquired a new stake in shares of Extra Space Storage during the second quarter worth about $185,000. Stanley Laman Group Ltd. acquired a new stake in shares of Extra Space Storage during the second quarter worth about $200,000. Finally, Lee Financial Co lifted its holdings in shares of Extra Space Storage by 100.0% during the first quarter. Lee Financial Co now owns 2,100 shares of the real estate investment trust’s stock worth $183,000 after purchasing an additional 1,050 shares during the period.

EXR traded up $0.31 on Monday, hitting $87.69. The company had a trading volume of 1,517,322 shares, compared to its average volume of 843,718. Extra Space Storage has a 12-month low of $76.55 and a 12-month high of $101.96. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.64 and a quick ratio of 0.64. The firm has a market capitalization of $11.05 billion, a PE ratio of 20.02, a price-to-earnings-growth ratio of 3.65 and a beta of 0.15.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.92%. Extra Space Storage’s payout ratio is 78.54%.

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 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.

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