Extra Space Storage, Inc. (NYSE:EXR) Expected to Announce Quarterly Sales of $330.81 Million

Wall Street analysts expect that Extra Space Storage, Inc. (NYSE:EXR) will announce sales of $330.81 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Extra Space Storage’s earnings, with estimates ranging from $327.73 million to $333.70 million. Extra Space Storage posted sales of $306.95 million in the same quarter last year, which suggests a positive year over year growth rate of 7.8%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, October 29th.

According to Zacks, analysts expect that Extra Space Storage will report full year sales of $1.29 billion for the current financial year, with estimates ranging from $1.25 billion to $1.31 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.34 billion, with estimates ranging from $1.29 billion to $1.39 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Extra Space Storage.

EXR has been the topic of a number of analyst reports. Citigroup raised their price objective on shares of Extra Space Storage from $103.00 to $119.00 and gave the stock a “neutral” rating in a research note on Wednesday. Wells Fargo & Co raised their price objective on shares of Extra Space Storage from $114.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Robert W. Baird set a $121.00 price objective on shares of Extra Space Storage and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Zacks Investment Research cut shares of Extra Space Storage from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a research note on Tuesday, September 10th. Finally, Stifel Nicolaus initiated coverage on shares of Extra Space Storage in a research note on Monday, August 19th. They set a “buy” rating and a $131.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $117.04.

In related news, EVP James Overturf sold 3,103 shares of Extra Space Storage stock in a transaction on Friday, August 16th. The shares were sold at an average price of $120.77, for a total value of $374,749.31. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Spencer Kirk sold 248,103 shares of Extra Space Storage stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $121.33, for a total transaction of $30,102,336.99. Following the completion of the sale, the director now directly owns 153,069 shares in the company, valued at approximately $18,571,861.77. The disclosure for this sale can be found here. Insiders sold a total of 265,524 shares of company stock worth $32,159,600 in the last three months. 3.29% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in EXR. Nuveen Asset Management LLC grew its stake in Extra Space Storage by 2,311.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,292,383 shares of the real estate investment trust’s stock valued at $137,122,000 after acquiring an additional 1,238,784 shares during the period. Cohen & Steers Inc. grew its stake in Extra Space Storage by 9.5% in the 2nd quarter. Cohen & Steers Inc. now owns 10,717,434 shares of the real estate investment trust’s stock valued at $1,137,120,000 after acquiring an additional 934,146 shares during the period. BlackRock Inc. grew its stake in Extra Space Storage by 6.1% in the 2nd quarter. BlackRock Inc. now owns 14,115,936 shares of the real estate investment trust’s stock valued at $1,497,702,000 after acquiring an additional 813,228 shares during the period. APG Asset Management US Inc. grew its stake in Extra Space Storage by 61.3% in the 2nd quarter. APG Asset Management US Inc. now owns 2,072,941 shares of the real estate investment trust’s stock valued at $219,939,000 after acquiring an additional 787,468 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in Extra Space Storage by 10.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,734,660 shares of the real estate investment trust’s stock valued at $396,247,000 after acquiring an additional 348,072 shares during the period. 97.28% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE EXR traded up $0.02 during midday trading on Tuesday, reaching $116.12. 1,005,726 shares of the stock were exchanged, compared to its average volume of 841,883. The firm has a market cap of $15.04 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 5.03 and a beta of 0.19. Extra Space Storage has a twelve month low of $83.70 and a twelve month high of $124.46. The firm has a 50-day simple moving average of $118.24 and a two-hundred day simple moving average of $107.76. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 1.78.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $3.60 dividend on an annualized basis and a yield of 3.10%. Extra Space Storage’s dividend payout ratio is currently 77.09%.

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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