Analysts Anticipate Extra Space Storage Inc. (NYSE:EXR) Will Announce Earnings of $1.98 Per Share

Wall Street brokerages expect Extra Space Storage Inc. (NYSE:EXRGet Rating) to post earnings per share of $1.98 for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Extra Space Storage’s earnings, with the lowest EPS estimate coming in at $1.90 and the highest estimate coming in at $2.07. Extra Space Storage posted earnings per share of $1.64 in the same quarter last year, which would suggest a positive year over year growth rate of 20.7%. The company is scheduled to report its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Extra Space Storage will report full year earnings of $7.98 per share for the current financial year, with EPS estimates ranging from $7.70 to $8.37. For the next year, analysts anticipate that the firm will report earnings of $8.49 per share, with EPS estimates ranging from $8.13 to $9.16. Zacks’ EPS calculations are an average based on a survey of research firms that that provide coverage for Extra Space Storage.

Extra Space Storage (NYSE:EXRGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.35). Extra Space Storage had a net margin of 50.76% and a return on equity of 23.42%. The firm had revenue of $379.81 million for the quarter, compared to analyst estimates of $368.88 million. During the same quarter in the prior year, the firm earned $1.50 EPS. The firm’s revenue was up 25.1% compared to the same quarter last year.

A number of equities research analysts have recently issued reports on EXR shares. StockNews.com upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating in a report on Monday, May 9th. Truist Financial boosted their price target on shares of Extra Space Storage from $213.00 to $220.00 in a report on Tuesday, January 18th. JPMorgan Chase & Co. boosted their price target on shares of Extra Space Storage from $220.00 to $224.00 and gave the company a “neutral” rating in a report on Monday, April 4th. Finally, Morgan Stanley dropped their price objective on shares of Extra Space Storage from $175.00 to $172.00 and set an “underweight” rating on the stock in a research note on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $199.13.

In related news, Director Kenneth M. Woolley bought 10,500 shares of the business’s stock in a transaction on Monday, March 7th. The shares were bought at an average cost of $200.75 per share, for a total transaction of $2,107,875.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph D. Margolis sold 5,000 shares of the firm’s stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $208.34, for a total value of $1,041,700.00. Following the transaction, the chief executive officer now owns 62,035 shares in the company, valued at $12,924,371.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,625 shares of company stock worth $2,314,085. Corporate insiders own 1.52% of the company’s stock.

Several institutional investors have recently bought and sold shares of EXR. Morgan Stanley increased its stake in shares of Extra Space Storage by 10.7% in the second quarter. Morgan Stanley now owns 473,972 shares of the real estate investment trust’s stock worth $77,646,000 after purchasing an additional 45,864 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Extra Space Storage by 29.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 14,533 shares of the real estate investment trust’s stock worth $2,441,000 after purchasing an additional 3,280 shares during the period. Advisor Group Holdings Inc. increased its stake in shares of Extra Space Storage by 62.5% in the third quarter. Advisor Group Holdings Inc. now owns 33,200 shares of the real estate investment trust’s stock worth $5,579,000 after purchasing an additional 12,771 shares during the period. Advisory Services Network LLC increased its stake in Extra Space Storage by 25.5% during the third quarter. Advisory Services Network LLC now owns 6,612 shares of the real estate investment trust’s stock valued at $1,110,000 after acquiring an additional 1,344 shares during the period. Finally, Los Angeles Capital Management LLC increased its stake in Extra Space Storage by 45.7% during the third quarter. Los Angeles Capital Management LLC now owns 25,177 shares of the real estate investment trust’s stock valued at $4,229,000 after acquiring an additional 7,897 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Shares of EXR stock traded up $4.24 during trading hours on Friday, reaching $178.96. 567,892 shares of the stock traded hands, compared to its average volume of 822,931. Extra Space Storage has a 1-year low of $142.51 and a 1-year high of $228.84. The business has a fifty day moving average price of $199.45 and a 200 day moving average price of $201.58. The company has a quick ratio of 0.54, a current ratio of 0.53 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $24.03 billion, a PE ratio of 29.05, a PEG ratio of 2.88 and a beta of 0.45.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 31st. Investors of record on Tuesday, March 15th were given a dividend of $1.50 per share. This is a boost from Extra Space Storage’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend was Monday, March 14th. This represents a $6.00 dividend on an annualized basis and a yield of 3.35%. Extra Space Storage’s dividend payout ratio (DPR) is presently 97.40%.

About Extra Space Storage (Get Rating)

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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