Analysts expect Extra Space Storage, Inc. (NYSE:EXR) to post sales of $283.41 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Extra Space Storage’s earnings, with estimates ranging from $277.77 million to $288.20 million. Extra Space Storage posted sales of $263.01 million in the same quarter last year, which suggests a positive year-over-year growth rate of 7.8%. The firm is expected to announce its next quarterly earnings report on Wednesday, April 25th.
On average, analysts expect that Extra Space Storage will report full year sales of $283.41 million for the current financial year, with estimates ranging from $1.09 billion to $1.20 billion. For the next year, analysts anticipate that the company will post sales of $1.24 billion per share, with estimates ranging from $1.14 billion to $1.28 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Extra Space Storage.
Several equities analysts have issued reports on EXR shares. Cantor Fitzgerald reaffirmed a “hold” rating and set a $77.00 price objective on shares of Extra Space Storage in a report on Wednesday, November 1st. BMO Capital Markets reaffirmed a “hold” rating and set a $78.00 price objective on shares of Extra Space Storage in a report on Thursday, November 2nd. Royal Bank of Canada raised their price objective on Extra Space Storage from $79.00 to $84.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 14th. Zacks Investment Research lowered Extra Space Storage from a “buy” rating to a “hold” rating in a report on Thursday, November 23rd. Finally, Jefferies Group set a $90.00 price objective on Extra Space Storage and gave the stock a “hold” rating in a report on Tuesday, November 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $86.58.
Shares of Extra Space Storage (NYSE EXR) traded down $1.78 during mid-day trading on Friday, hitting $84.88. The company’s stock had a trading volume of 974,366 shares, compared to its average volume of 1,330,000. The stock has a market capitalization of $10,700.00, a price-to-earnings ratio of 22.57, a price-to-earnings-growth ratio of 3.53 and a beta of 0.26. Extra Space Storage has a 12 month low of $71.34 and a 12 month high of $88.56. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.75 and a current ratio of 0.93.
Extra Space Storage announced that its Board of Directors has authorized a stock repurchase program on Monday, November 13th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.68%. Extra Space Storage’s dividend payout ratio (DPR) is 82.98%.
In related news, EVP James Overturf sold 880 shares of the firm’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $82.88, for a total value of $72,934.40. Following the completion of the sale, the executive vice president now owns 79,935 shares in the company, valued at $6,625,012.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Spencer Kirk sold 20,000 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $85.24, for a total transaction of $1,704,800.00. Following the completion of the sale, the director now owns 578,748 shares of the company’s stock, valued at approximately $49,332,479.52. The disclosure for this sale can be found here. Insiders have sold 23,060 shares of company stock valued at $1,961,698 in the last quarter. Insiders own 3.72% of the company’s stock.
A number of large investors have recently made changes to their positions in EXR. APG Asset Management N.V. lifted its position in Extra Space Storage by 2,889.7% in the third quarter. APG Asset Management N.V. now owns 1,035,556 shares of the real estate investment trust’s stock valued at $82,762,000 after purchasing an additional 1,000,919 shares during the period. JPMorgan Chase & Co. lifted its position in Extra Space Storage by 65.1% in the third quarter. JPMorgan Chase & Co. now owns 2,178,691 shares of the real estate investment trust’s stock valued at $172,290,000 after purchasing an additional 859,212 shares during the period. Bank of New York Mellon Corp lifted its position in Extra Space Storage by 59.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,209,113 shares of the real estate investment trust’s stock valued at $193,186,000 after purchasing an additional 823,278 shares during the period. Russell Investments Group Ltd. lifted its position in Extra Space Storage by 66.1% in the third quarter. Russell Investments Group Ltd. now owns 770,381 shares of the real estate investment trust’s stock valued at $61,558,000 after purchasing an additional 306,650 shares during the period. Finally, American Century Companies Inc. lifted its position in Extra Space Storage by 92.0% in the fourth quarter. American Century Companies Inc. now owns 562,732 shares of the real estate investment trust’s stock valued at $49,211,000 after purchasing an additional 269,603 shares during the period.
Extra Space Storage Company Profile
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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