Analysts Anticipate Extra Space Storage Inc. (NYSE:EXR) Will Announce Quarterly Sales of $430.53 Million

Analysts predict that Extra Space Storage Inc. (NYSE:EXRGet Rating) will post $430.53 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Extra Space Storage’s earnings. The lowest sales estimate is $400.10 million and the highest is $470.30 million. Extra Space Storage reported sales of $358.86 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 20%. The business is scheduled to issue its next earnings report after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $1.80 billion for the current fiscal year, with estimates ranging from $1.74 billion to $1.91 billion. For the next fiscal year, analysts expect that the company will report sales of $1.91 billion, with estimates ranging from $1.78 billion to $2.04 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Extra Space Storage.

Extra Space Storage (NYSE:EXRGet Rating) last posted its earnings results on Wednesday, February 23rd. The real estate investment trust reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.51. The firm had revenue of $364.50 million during the quarter, compared to the consensus estimate of $360.16 million. Extra Space Storage had a net margin of 54.24% and a return on equity of 24.72%. The company’s revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the company earned $1.48 earnings per share.

Several brokerages recently commented on EXR. Jefferies Financial Group cut shares of Extra Space Storage from a “buy” rating to a “hold” rating and reduced their price objective for the company from $229.00 to $223.00 in a research note on Monday, January 10th. StockNews.com initiated coverage on shares of Extra Space Storage in a research note on Thursday, March 31st. They set a “hold” rating for the company. Morgan Stanley dropped their target price on shares of Extra Space Storage from $175.00 to $172.00 and set an “underweight” rating for the company in a research report on Wednesday, March 2nd. Truist Financial lifted their target price on shares of Extra Space Storage from $213.00 to $220.00 in a research report on Tuesday, January 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Extra Space Storage from $220.00 to $224.00 and gave the company a “neutral” rating in a research report on Monday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $199.13.

Shares of NYSE:EXR opened at $212.55 on Monday. The company has a 50 day moving average of $198.74 and a 200 day moving average of $199.57. The stock has a market cap of $28.54 billion, a P/E ratio of 34.39, a P/E/G ratio of 3.71 and a beta of 0.41. Extra Space Storage has a 12 month low of $139.78 and a 12 month high of $228.84. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.57.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 31st. Investors of record on Tuesday, March 15th were issued a dividend of $1.50 per share. This is a positive change from Extra Space Storage’s previous quarterly dividend of $1.25. This represents a $6.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Monday, March 14th. Extra Space Storage’s dividend payout ratio is currently 97.09%.

In related news, Director Kenneth M. Woolley acquired 10,500 shares of Extra Space Storage stock in a transaction on Monday, March 7th. The shares were acquired at an average cost of $200.75 per share, with a total value of $2,107,875.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Joseph D. Margolis sold 5,000 shares of the business’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $208.34, for a total transaction of $1,041,700.00. Following the transaction, the chief executive officer now directly owns 62,035 shares in the company, valued at $12,924,371.90. The disclosure for this sale can be found here. Insiders have sold a total of 11,625 shares of company stock valued at $2,314,085 over the last quarter. 2.64% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Huntington National Bank boosted its stake in Extra Space Storage by 35.3% in the 4th quarter. Huntington National Bank now owns 203 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 53 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Extra Space Storage by 8.9% in the 4th quarter. Quadrant Capital Group LLC now owns 649 shares of the real estate investment trust’s stock worth $147,000 after purchasing an additional 53 shares in the last quarter. Signaturefd LLC boosted its stake in Extra Space Storage by 16.3% in the 4th quarter. Signaturefd LLC now owns 407 shares of the real estate investment trust’s stock worth $92,000 after purchasing an additional 57 shares in the last quarter. Lebenthal Global Advisors LLC boosted its stake in Extra Space Storage by 1.5% in the 3rd quarter. Lebenthal Global Advisors LLC now owns 4,080 shares of the real estate investment trust’s stock worth $685,000 after purchasing an additional 59 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Extra Space Storage by 1.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 3,322 shares of the real estate investment trust’s stock worth $753,000 after purchasing an additional 60 shares in the last quarter. 93.87% of the stock is currently owned by hedge funds and other institutional investors.

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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