Extra Space Storage, Inc. (NYSE:EXR) Expected to Post Quarterly Sales of $326.52 Million

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.

Several research analysts recently weighed in on the company. Zacks Investment Research upgraded Extra Space Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. BMO Capital Markets reaffirmed a “hold” rating and set a $94.00 price target on shares of Extra Space Storage in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. Extra Space Storage presently has a consensus rating of “Hold” and a consensus price target of $97.65.

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.

Featured Story: Are 12b-1 Fees Affecting Your Mutual Fund Performance?

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.