Wall Street brokerages forecast that Extra Space Storage, Inc. (NYSE:EXR) will post $326.52 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Extra Space Storage’s earnings. The lowest sales estimate is $323.34 million and the highest is $329.70 million. Extra Space Storage posted sales of $306.95 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.4%. The firm is scheduled to report its next quarterly earnings results on Tuesday, October 29th.
According to Zacks, analysts expect that Extra Space Storage will report full-year sales of $1.28 billion for the current year, with estimates ranging from $1.25 billion to $1.30 billion. For the next financial year, analysts forecast that the firm will post sales of $1.34 billion, with estimates ranging from $1.29 billion to $1.39 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Extra Space Storage.
Extra Space Storage (NYSE:EXR) last announced its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.02. Extra Space Storage had a return on equity of 16.71% and a net margin of 37.12%. The firm had revenue of $271.00 million for the quarter, compared to the consensus estimate of $266.01 million. During the same period in the previous year, the business earned $1.09 EPS. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis.
In other Extra Space Storage news, SVP Grace Kunde sold 623 shares of Extra Space Storage stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $106.23, for a total transaction of $66,181.29. Following the completion of the sale, the senior vice president now owns 8,940 shares of the company’s stock, valued at approximately $949,696.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP James Overturf sold 880 shares of Extra Space Storage stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $111.78, for a total value of $98,366.40. Following the sale, the executive vice president now directly owns 66,969 shares of the company’s stock, valued at approximately $7,485,794.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,805 shares of company stock valued at $2,438,849. 3.29% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Usca Ria LLC purchased a new position in shares of Extra Space Storage in the 2nd quarter valued at about $659,000. Duff & Phelps Investment Management Co. increased its stake in shares of Extra Space Storage by 2.6% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 525,726 shares of the real estate investment trust’s stock valued at $55,780,000 after purchasing an additional 13,268 shares in the last quarter. Jacobsen Capital Management purchased a new position in shares of Extra Space Storage in the 2nd quarter valued at about $4,965,000. Swiss National Bank increased its stake in shares of Extra Space Storage by 8.1% in the 2nd quarter. Swiss National Bank now owns 584,818 shares of the real estate investment trust’s stock valued at $62,049,000 after purchasing an additional 43,918 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of Extra Space Storage by 0.3% in the 2nd quarter. Comerica Bank now owns 47,747 shares of the real estate investment trust’s stock valued at $5,316,000 after purchasing an additional 140 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.
EXR stock traded up $0.66 on Friday, hitting $114.81. 716,407 shares of the company’s stock were exchanged, compared to its average volume of 542,082. Extra Space Storage has a 12-month low of $83.70 and a 12-month high of $115.40. The stock’s 50 day simple moving average is $109.17. The company has a current ratio of 0.48, a quick ratio of 0.47 and a debt-to-equity ratio of 1.78. The firm has a market capitalization of $14.32 billion, a PE ratio of 24.58, a P/E/G ratio of 5.27 and a beta of 0.22.
About Extra Space Storage
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 December 31, 2018, the Company owned and/or operated 1,647 self-storage stores in 39 states, Washington, DC and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 125.7 million square feet of rentable space.
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