Extra Space Storage, Inc. (NYSE:EXR) Expected to Post Quarterly Sales of $322.81 Million
Wall Street analysts forecast that Extra Space Storage, Inc. (NYSE:EXR) will post sales of $322.81 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Extra Space Storage’s earnings. The highest sales estimate is $323.20 million and the lowest is $322.43 million. Extra Space Storage reported sales of $296.81 million in the same quarter last year, which indicates a positive year over year growth rate of 8.8%. The business is expected to announce its next quarterly earnings report after the market closes on Tuesday, July 30th.
According to Zacks, analysts expect that Extra Space Storage will report full year sales of $1.28 billion for the current financial year, with estimates ranging from $1.25 billion to $1.30 billion. For the next year, analysts forecast that the business will report sales of $1.34 billion, with estimates ranging from $1.29 billion to $1.39 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Extra Space Storage.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.02. The business had revenue of $271.00 million during the quarter, compared to analysts’ expectations of $266.01 million. Extra Space Storage had a net margin of 37.12% and a return on equity of 16.56%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.09 EPS.
In other Extra Space Storage news, EVP James Overturf sold 4,562 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $106.81, for a total value of $487,267.22. Following the completion of the transaction, the executive vice president now directly owns 70,306 shares in the company, valued at approximately $7,509,383.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Samrat Sondhi sold 4,480 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $106.99, for a total transaction of $479,315.20. Following the completion of the transaction, the chief operating officer now owns 76,879 shares of the company’s stock, valued at $8,225,284.21. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,805 shares of company stock valued at $2,438,849. Corporate insiders own 3.29% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Stifel Financial Corp increased its holdings in shares of Extra Space Storage by 1.0% in the fourth quarter. Stifel Financial Corp now owns 15,356 shares of the real estate investment trust’s stock valued at $1,393,000 after purchasing an additional 152 shares in the last quarter. Geode Capital Management LLC boosted its stake in Extra Space Storage by 8.3% in the fourth quarter. Geode Capital Management LLC now owns 1,950,053 shares of the real estate investment trust’s stock valued at $176,181,000 after acquiring an additional 149,614 shares during the last quarter. Brinker Capital Inc. boosted its stake in Extra Space Storage by 19.8% in the fourth quarter. Brinker Capital Inc. now owns 3,327 shares of the real estate investment trust’s stock valued at $301,000 after acquiring an additional 550 shares during the last quarter. Two Sigma Investments LP bought a new position in Extra Space Storage in the fourth quarter valued at approximately $1,082,000. Finally, Two Sigma Advisers LP bought a new position in Extra Space Storage in the fourth quarter valued at approximately $848,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.
EXR stock traded up $0.74 during trading on Friday, reaching $112.15. 9,789 shares of the company were exchanged, compared to its average volume of 559,405. The business’s 50-day moving average is $108.80. The company has a market capitalization of $14.05 billion, a P/E ratio of 24.13, a price-to-earnings-growth ratio of 5.18 and a beta of 0.23. Extra Space Storage has a twelve month low of $83.70 and a twelve month high of $112.62. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.47 and a quick ratio of 0.47.
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 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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