Extra Space Storage Inc (NYSE:EXR) – Equities researchers at DA Davidson increased their FY2017 earnings estimates for Extra Space Storage in a note issued to investors on Thursday, according to Zacks Investment Research. DA Davidson analyst B. Oxford now anticipates that the real estate investment trust will post earnings per share of $4.35 for the year, up from their prior estimate of $4.30. DA Davidson also issued estimates for Extra Space Storage’s Q4 2017 earnings at $1.10 EPS, Q4 2018 earnings at $1.15 EPS, Q2 2019 earnings at $1.19 EPS, Q3 2019 earnings at $1.22 EPS and FY2019 earnings at $4.80 EPS.
A number of other equities research analysts also recently weighed in on EXR. Bank of America Corporation downgraded Extra Space Storage from a “buy” rating to a “neutral” rating and cut their price target for the stock from $83.00 to $81.00 in a research note on Thursday, July 20th. BidaskClub raised Extra Space Storage from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Cantor Fitzgerald reaffirmed a “hold” rating and set a $77.00 price target on shares of Extra Space Storage in a research note on Sunday, August 20th. KeyCorp reissued a “buy” rating and issued a $82.00 price objective on shares of Extra Space Storage in a research note on Friday, August 25th. Finally, BMO Capital Markets assumed coverage on Extra Space Storage in a research note on Monday, September 11th. They issued a “market perform” rating and a $78.00 price objective on the stock. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $83.44.
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Shares of Extra Space Storage (EXR) opened at $86.34 on Monday. Extra Space Storage has a one year low of $68.09 and a one year high of $87.31. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $10,946.30, a PE ratio of 20.30, a PEG ratio of 3.53 and a beta of 0.38.
Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.03. Extra Space Storage had a return on equity of 14.41% and a net margin of 33.21%. The company had revenue of $284.16 million during the quarter, compared to the consensus estimate of $246.85 million. During the same period last year, the business earned $1.02 EPS. The business’s quarterly revenue was up 10.5% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC increased its position in Extra Space Storage by 13.3% in the 3rd quarter. Janus Henderson Group PLC now owns 46,544 shares of the real estate investment trust’s stock worth $3,720,000 after buying an additional 5,461 shares during the period. Vident Investment Advisory LLC bought a new position in Extra Space Storage in the 3rd quarter worth approximately $646,000. Cornerstone Capital Management Holdings LLC. increased its position in Extra Space Storage by 0.9% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 82,490 shares of the real estate investment trust’s stock worth $6,591,000 after buying an additional 700 shares during the period. Chevy Chase Trust Holdings Inc. increased its position in Extra Space Storage by 1.2% in the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 109,817 shares of the real estate investment trust’s stock worth $8,777,000 after buying an additional 1,344 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its position in Extra Space Storage by 13.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 14,553 shares of the real estate investment trust’s stock worth $1,164,000 after buying an additional 1,775 shares during the period.
In other Extra Space Storage news, Director Spencer Kirk sold 20,000 shares of Extra Space Storage stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $78.12, for a total value of $1,562,400.00. Following the transaction, the director now directly owns 665,748 shares of the company’s stock, valued at approximately $52,008,233.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP James Overturf sold 1,300 shares of Extra Space Storage stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total value of $98,150.00. Following the completion of the transaction, the executive vice president now directly owns 86,275 shares in the company, valued at $6,513,762.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,900 shares of company stock worth $5,089,327. Company insiders own 3.72% of the company’s stock.
Extra Space Storage announced that its Board of Directors has authorized a stock buyback program on Monday, November 13th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend is Thursday, December 14th. Extra Space Storage’s dividend payout ratio is currently 114.71%.
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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