Extra Space Storage Inc. (NYSE:EXR) Expected to Announce Quarterly Sales of $368.20 Million

Analysts expect that Extra Space Storage Inc. (NYSE:EXR) will announce sales of $368.20 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Extra Space Storage’s earnings, with the lowest sales estimate coming in at $367.79 million and the highest estimate coming in at $368.80 million. Extra Space Storage reported sales of $327.25 million during the same quarter last year, which indicates a positive year-over-year growth rate of 12.5%. The business is expected to report its next quarterly earnings report on Tuesday, August 3rd.

On average, analysts expect that Extra Space Storage will report full year sales of $1.45 billion for the current financial year, with estimates ranging from $1.41 billion to $1.47 billion. For the next year, analysts expect that the business will report sales of $1.53 billion, with estimates ranging from $1.44 billion to $1.61 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Extra Space Storage.

Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Wednesday, April 28th. The real estate investment trust reported $1.53 EPS for the quarter, beating the consensus estimate of $1.49 by $0.04. The company had revenue of $358.90 million during the quarter, compared to the consensus estimate of $305.78 million. Extra Space Storage had a return on equity of 16.54% and a net margin of 34.54%. The firm’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.24 EPS.

A number of research firms recently weighed in on EXR. BMO Capital Markets upgraded Extra Space Storage from a “market perform” rating to an “outperform” rating and increased their price target for the company from $122.00 to $145.00 in a research note on Monday, March 8th. Zacks Investment Research downgraded Extra Space Storage from a “buy” rating to a “hold” rating and set a $118.00 target price on the stock. in a research report on Tuesday, January 12th. Raymond James raised Extra Space Storage from a “market perform” rating to an “outperform” rating and set a $125.00 price target for the company in a report on Thursday, February 4th. KeyCorp upped their price objective on Extra Space Storage from $134.00 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, March 30th. Finally, Truist lifted their target price on Extra Space Storage from $125.00 to $137.00 in a report on Friday, March 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $128.08.

In related news, CEO Joseph D. Margolis sold 56,000 shares of the firm’s stock in a transaction on Monday, March 15th. The stock was sold at an average price of $132.69, for a total transaction of $7,430,640.00. Following the completion of the transaction, the chief executive officer now directly owns 102,492 shares of the company’s stock, valued at approximately $13,599,663.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph D. Margolis sold 3,750 shares of the company’s stock in a transaction that occurred on Thursday, April 1st. The shares were sold at an average price of $134.24, for a total value of $503,400.00. Following the completion of the sale, the chief executive officer now owns 52,492 shares in the company, valued at $7,046,526.08. The disclosure for this sale can be found here. 2.64% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. First Horizon Advisors Inc. grew its holdings in Extra Space Storage by 58.9% during the 4th quarter. First Horizon Advisors Inc. now owns 294 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the period. Lindbrook Capital LLC raised its holdings in shares of Extra Space Storage by 440.6% during the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 304 shares during the period. TCTC Holdings LLC bought a new position in shares of Extra Space Storage during the 4th quarter worth about $44,000. Jones Financial Companies Lllp acquired a new stake in shares of Extra Space Storage in the 1st quarter valued at about $46,000. Finally, HM Payson & Co. bought a new stake in Extra Space Storage in the 3rd quarter valued at about $49,000. Hedge funds and other institutional investors own 96.89% of the company’s stock.

NYSE:EXR traded up $2.62 during mid-day trading on Thursday, hitting $148.24. The stock had a trading volume of 694,499 shares, compared to its average volume of 820,106. Extra Space Storage has a twelve month low of $80.86 and a twelve month high of $149.43. 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 stock has a market cap of $19.82 billion, a price-to-earnings ratio of 43.21, a PEG ratio of 5.80 and a beta of 0.17. The company’s 50 day simple moving average is $138.24 and its 200 day simple moving average is $121.51.

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 31st. Stockholders of record on Monday, March 15th were issued a dividend of $1.00 per share. The ex-dividend date was Friday, March 12th. This is an increase from Extra Space Storage’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 2.70%. Extra Space Storage’s dividend payout ratio is 81.97%.

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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