Extra Space Storage, Inc. (EXR) Expected to Announce Earnings of $1.20 Per Share
Brokerages expect that Extra Space Storage, Inc. (NYSE:EXR) will report earnings of $1.20 per share for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Extra Space Storage’s earnings, with estimates ranging from $1.19 to $1.22. Extra Space Storage posted earnings of $1.12 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.1%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, February 19th.
On average, analysts expect that Extra Space Storage will report full year earnings of $4.64 per share for the current year, with EPS estimates ranging from $4.61 to $4.66. For the next year, analysts anticipate that the company will post earnings of $4.87 per share, with EPS estimates ranging from $4.77 to $4.96. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow Extra Space Storage.
Extra Space Storage (NYSE:EXR) last announced its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $1.02 EPS for the quarter, missing the Zacks’ consensus estimate of $1.19 by ($0.17). The firm had revenue of $266.70 million during the quarter, compared to analyst estimates of $266.81 million. Extra Space Storage had a return on equity of 20.11% and a net margin of 47.29%. Extra Space Storage’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.13 earnings per share.
In related news, EVP James Overturf sold 880 shares of Extra Space Storage stock in a transaction dated Tuesday, October 16th. The stock was sold at an average price of $86.24, for a total value of $75,891.20. Following the completion of the sale, the executive vice president now directly owns 72,097 shares in the company, valued at $6,217,645.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 2,640 shares of company stock valued at $234,256. Corporate insiders own 3.52% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of EXR. First Hawaiian Bank bought a new position in Extra Space Storage during the third quarter worth about $120,000. Assetmark Inc. boosted its holdings in 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 buying an additional 1,218 shares during the last quarter. Atlas Capital Advisors LLC bought a new position in Extra Space Storage during the third quarter worth about $125,000. Meeder Asset Management Inc. bought a new position in Extra Space Storage during the third quarter worth about $137,000. Finally, Piedmont Investment Advisors LLC bought a new position in Extra Space Storage during the second quarter worth about $143,000.
Shares of EXR stock opened at $98.70 on Friday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.53 and a quick ratio of 0.53. The stock has a market capitalization of $12.26 billion, a P/E ratio of 22.53, a PEG ratio of 3.81 and a beta of 0.13. Extra Space Storage has a 12 month low of $77.53 and a 12 month high of $101.96.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be given a $0.86 dividend. The ex-dividend date is Thursday, December 13th. This represents a $3.44 dividend on an annualized basis and a yield of 3.49%. 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 September 30, 2018, the Company owned and/or operated 1,606 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.1 million units and approximately 122 million square feet of rentable space.
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