Extra Space Storage Inc (NYSE:EXR) Expected to Post FY2017 Earnings of $4.29 Per Share
Extra Space Storage Inc (NYSE:EXR) – KeyCorp increased their FY2017 earnings estimates for shares of Extra Space Storage in a research report issued on Wednesday. KeyCorp analyst T. Thomas now expects that the real estate investment trust will earn $4.29 per share for the year, up from their prior forecast of $4.23. KeyCorp also issued estimates for Extra Space Storage’s FY2018 earnings at $4.45 EPS.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $1.09 EPS for the quarter, beating the consensus estimate of $1.05 by $0.04. The business had revenue of $276 million during the quarter, compared to analysts’ expectations of $239.89 million. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm earned $0.94 EPS.
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Other equities research analysts have also issued reports about the stock. Citigroup Inc. reiterated a “neutral” rating on shares of Extra Space Storage in a research note on Thursday, May 11th. Royal Bank Of Canada reiterated a “hold” rating and issued a $80.00 price target on shares of Extra Space Storage in a research note on Thursday, April 27th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $77.00 price target on shares of Extra Space Storage in a research note on Monday, May 22nd. Bank of America Corporation lowered shares of Extra Space Storage from a “buy” rating to a “neutral” rating and lowered their price target for the company from $83.00 to $81.00 in a research note on Thursday, July 20th. Finally, BidaskClub upgraded shares of Extra Space Storage from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $85.67.
Shares of Extra Space Storage (NYSE EXR) traded down 0.3340% during trading on Friday, reaching $75.9754. The company had a trading volume of 102,344 shares. The stock has a market capitalization of $9.57 billion, a PE ratio of 25.9656 and a beta of 0.34. The stock’s 50-day moving average price is $77.60 and its 200-day moving average price is $76.42. Extra Space Storage has a 12 month low of $68.09 and a 12 month high of $85.12.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new position in shares of Extra Space Storage during the first quarter worth approximately $204,000. Pacer Advisors Inc. raised its position in shares of Extra Space Storage by 3.2% in the first quarter. Pacer Advisors Inc. now owns 2,810 shares of the real estate investment trust’s stock worth $209,000 after buying an additional 88 shares during the period. Global X Management Co. LLC raised its position in shares of Extra Space Storage by 42.4% in the first quarter. Global X Management Co. LLC now owns 2,830 shares of the real estate investment trust’s stock worth $211,000 after buying an additional 842 shares during the period. Atria Investments LLC bought a new position in shares of Extra Space Storage during the second quarter worth approximately $213,000. Finally, Achmea Investment Management B.V. bought a new position in shares of Extra Space Storage during the first quarter worth approximately $216,000.
In other news, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $74.59, for a total transaction of $96,967.00. Following the transaction, the executive vice president now directly owns 89,475 shares in the company, valued at approximately $6,673,940.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $78.31, for a total transaction of $1,566,200.00. Following the transaction, the director now owns 665,748 shares in the company, valued at $52,134,725.88. The disclosure for this sale can be found here. Insiders have sold a total of 63,900 shares of company stock worth $4,957,788 over the last 90 days. 3.72% of the stock is owned by company insiders.
About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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