Extra Space Storage, Inc. (NYSE:EXR) Expected to Announce Quarterly Sales of $322.81 Million

Analysts predict that Extra Space Storage, Inc. (NYSE:EXR) will announce $322.81 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Extra Space Storage’s earnings. The lowest sales estimate is $322.43 million and the highest is $323.20 million. Extra Space Storage reported sales of $296.81 million during the same quarter last year, which indicates a positive year-over-year growth rate of 8.8%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Tuesday, July 30th.

On average, analysts expect that Extra Space Storage will report full-year sales of $1.26 billion for the current financial year, with estimates ranging from $1.21 billion to $1.30 billion. For the next year, analysts forecast that the firm will report sales of $1.33 billion, with estimates ranging from $1.29 billion to $1.39 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Extra Space Storage.

Extra Space Storage (NYSE:EXR) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. The business had revenue of $271.00 million for the quarter, compared to analysts’ expectations of $266.01 million. Extra Space Storage had a return on equity of 16.56% and a net margin of 37.12%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.09 EPS.

A number of equities analysts recently issued reports on EXR shares. Evercore ISI lowered Extra Space Storage from an “in-line” rating to an “underperform” rating in a report on Monday, April 1st. They noted that the move was a valuation call. Zacks Investment Research raised Extra Space Storage from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. Raymond James lowered Extra Space Storage from an “outperform” rating to a “market perform” rating and set a $99.27 price objective for the company. in a report on Thursday, March 21st. Finally, BMO Capital Markets reissued a “hold” rating and issued a $94.00 price objective on shares of Extra Space Storage in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $98.16.

Shares of Extra Space Storage stock traded up $0.50 on Friday, reaching $111.06. 23,213 shares of the company were exchanged, compared to its average volume of 859,748. Extra Space Storage has a 1-year low of $83.70 and a 1-year high of $110.80. The stock has a market capitalization of $13.94 billion, a price-to-earnings ratio of 23.82, a price-to-earnings-growth ratio of 4.63 and a beta of 0.23. The stock has a 50-day moving average price of $107.60. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.47 and a current ratio of 0.47.

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.90 per share. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.86. This represents a $3.60 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date was Thursday, June 13th. Extra Space Storage’s dividend payout ratio (DPR) is presently 77.09%.

In other news, EVP James Overturf sold 880 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $100.84, for a total transaction of $88,739.20. Following the completion of the sale, the executive vice president now directly owns 69,609 shares of the company’s stock, valued at approximately $7,019,371.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Joseph D. Margolis sold 2,500 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $105.01, for a total value of $262,525.00. Following the sale, the chief executive officer now directly owns 111,232 shares of the company’s stock, valued at $11,680,472.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,805 shares of company stock valued at $2,429,222. 3.29% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Extra Space Storage during the 4th quarter worth $98,655,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Extra Space Storage by 7.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,442 shares of the real estate investment trust’s stock valued at $758,000 after purchasing an additional 540 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Extra Space Storage by 48.2% in the first quarter. Toronto Dominion Bank now owns 119,997 shares of the real estate investment trust’s stock valued at $12,226,000 after purchasing an additional 39,054 shares in the last quarter. Andra AP fonden purchased a new stake in shares of Extra Space Storage in the first quarter valued at $6,583,000. Finally, Squarepoint Ops LLC lifted its holdings in shares of Extra Space Storage by 88.6% in the fourth quarter. Squarepoint Ops LLC now owns 56,252 shares of the real estate investment trust’s stock valued at $5,090,000 after purchasing an additional 26,425 shares in the last quarter. 99.90% of the stock is owned by institutional investors and hedge funds.

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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