Extra Space Storage, Inc. (EXR) Expected to Post Quarterly Sales of $302.41 Million

Share on StockTwits

Equities analysts expect that Extra Space Storage, Inc. (NYSE:EXR) will post sales of $302.41 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Extra Space Storage’s earnings. The lowest sales estimate is $293.09 million and the highest is $308.80 million. Extra Space Storage reported sales of $284.16 million in the same quarter last year, which would suggest a positive year over year growth rate of 6.4%. The firm is expected to announce its next earnings results after the market closes on Tuesday, October 30th.

According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $1.18 billion for the current year, with estimates ranging from $1.14 billion to $1.20 billion. For the next fiscal year, analysts expect that the business will report sales of $1.26 billion, with estimates ranging from $1.22 billion to $1.30 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover Extra Space Storage.

Extra Space Storage (NYSE:EXR) last posted its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $1.15 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.15. The company had revenue of $258.13 million for the quarter, compared to the consensus estimate of $257.14 million. Extra Space Storage had a net margin of 44.23% and a return on equity of 18.93%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 EPS.

Several research analysts recently commented on EXR shares. ValuEngine downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Citigroup reduced their price target on shares of Extra Space Storage from $103.00 to $92.00 and set a “hold” rating on the stock in a research note on Friday, October 5th. Robert W. Baird downgraded shares of Extra Space Storage from an “outperform” rating to a “neutral” rating and set a $83.00 price target on the stock. in a research note on Wednesday, July 18th. Goldman Sachs Group downgraded shares of Extra Space Storage from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, July 12th. Finally, Zacks Investment Research downgraded shares of Extra Space Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, July 4th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $95.27.

EXR stock traded up $0.71 during trading on Tuesday, hitting $91.31. The company had a trading volume of 58,190 shares, compared to its average volume of 818,072. The company has a market capitalization of $11.09 billion, a PE ratio of 20.83, a P/E/G ratio of 3.68 and a beta of 0.11. Extra Space Storage has a 52-week low of $77.53 and a 52-week high of $101.96. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.64 and a quick ratio of 0.64.

In other Extra Space Storage news, EVP James Overturf sold 880 shares of the firm’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $94.58, for a total transaction of $83,230.40. Following the transaction, the executive vice president now owns 73,857 shares of the company’s stock, valued at approximately $6,985,395.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 2,640 shares of company stock worth $235,849 in the last three months. Insiders own 3.52% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Korea Investment CORP boosted its holdings in shares of Extra Space Storage by 10.4% in the 2nd quarter. Korea Investment CORP now owns 75,291 shares of the real estate investment trust’s stock valued at $7,515,000 after buying an additional 7,100 shares in the last quarter. Soros Fund Management LLC bought a new stake in shares of Extra Space Storage in the 2nd quarter valued at about $17,002,000. Qube Research & Technologies Ltd acquired a new stake in Extra Space Storage in the 2nd quarter worth approximately $533,000. United Services Automobile Association boosted its stake in Extra Space Storage by 36.0% in the 2nd quarter. United Services Automobile Association now owns 53,613 shares of the real estate investment trust’s stock worth $5,351,000 after purchasing an additional 14,200 shares in the last quarter. Finally, Glen Harbor Capital Management LLC boosted its stake in Extra Space Storage by 92.9% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 17,442 shares of the real estate investment trust’s stock worth $1,741,000 after purchasing an additional 8,398 shares in the last quarter.

Extra Space Storage Company Profile

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 June 30, 2018, the Company owned and/or operated 1,568 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1,090,000 units and approximately 119 million square feet of rentable space.

See Also: What factors cause inflation to rise?

Get a free copy of the Zacks research report on Extra Space Storage (EXR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Extra Space Storage (NYSE:EXR)

Receive News & Ratings for Extra Space Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply