Wall Street analysts expect Extra Space Storage Inc. (NYSE:EXR) to post $351.85 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Extra Space Storage’s earnings, with the highest sales estimate coming in at $361.30 million and the lowest estimate coming in at $342.40 million. Extra Space Storage posted sales of $332.45 million in the same quarter last year, which suggests a positive year-over-year growth rate of 5.8%. The firm is expected to announce its next earnings report on Monday, February 22nd.
On average, analysts expect that Extra Space Storage will report full year sales of $1.41 billion for the current year, with estimates ranging from $1.28 billion to $1.50 billion. For the next financial year, analysts expect that the company will report sales of $1.48 billion, with estimates ranging from $1.30 billion to $1.61 billion. Zacks’ sales averages 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 earnings results on Sunday, February 21st. The real estate investment trust reported $1.19 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.16). Extra Space Storage had a return on equity of 16.54% and a net margin of 34.54%. The company had revenue of $301.10 million during the quarter, compared to the consensus estimate of $293.09 million. During the same quarter in the prior year, the business earned $0.82 EPS. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year.
NYSE EXR traded up $6.41 during trading hours on Thursday, hitting $127.15. The company had a trading volume of 26,453 shares, compared to its average volume of 789,375. Extra Space Storage has a 52 week low of $72.70 and a 52 week high of $121.83. The firm has a 50 day simple moving average of $114.75 and a 200 day simple moving average of $112.13. The company has a debt-to-equity ratio of 1.91, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market capitalization of $16.70 billion, a price-to-earnings ratio of 35.83, a PEG ratio of 5.80 and a beta of 0.17.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 31st. Investors of record on Monday, March 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 3.15%. This is a boost from Extra Space Storage’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, March 12th. Extra Space Storage’s dividend payout ratio (DPR) is currently 73.77%.
In related news, CEO Joseph D. Margolis sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, December 23rd. The stock was sold at an average price of $115.10, for a total transaction of $287,750.00. Following the transaction, the chief executive officer now directly owns 115,300 shares of the company’s stock, valued at approximately $13,271,030. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.64% of the company’s stock.
A number of institutional investors have recently made changes to their positions in EXR. IBM Retirement Fund increased its stake in Extra Space Storage by 39.0% in the 3rd quarter. IBM Retirement Fund now owns 4,096 shares of the real estate investment trust’s stock worth $438,000 after purchasing an additional 1,150 shares during the period. Louisiana State Employees Retirement System increased its stake in shares of Extra Space Storage by 20.0% during the third quarter. Louisiana State Employees Retirement System now owns 6,600 shares of the real estate investment trust’s stock valued at $706,000 after buying an additional 1,100 shares during the period. CWM LLC raised its holdings in shares of Extra Space Storage by 53.3% during the third quarter. CWM LLC now owns 259 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 90 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Extra Space Storage by 22.9% in the third quarter. Nisa Investment Advisors LLC now owns 98,487 shares of the real estate investment trust’s stock worth $10,537,000 after acquiring an additional 18,340 shares during the period. Finally, Nissay Asset Management Corp Japan ADV lifted its stake in Extra Space Storage by 2.4% in the third quarter. Nissay Asset Management Corp Japan ADV now owns 24,531 shares of the real estate investment trust’s stock worth $2,625,000 after acquiring an additional 585 shares during the period. 96.89% of the stock is currently 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 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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