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Zacks Research Brokers Decrease Earnings Estimates for Extra Space Storage Inc. (NYSE:EXR)


Extra Space Storage Inc. (NYSE:EXRFree Report) – Equities researchers at Zacks Research reduced their Q2 2024 earnings per share estimates for shares of Extra Space Storage in a note issued to investors on Tuesday, March 19th. Zacks Research analyst R. Department now expects that the real estate investment trust will post earnings per share of $2.00 for the quarter, down from their previous forecast of $2.06. The consensus estimate for Extra Space Storage’s current full-year earnings is $8.04 per share. Zacks Research also issued estimates for Extra Space Storage’s Q3 2024 earnings at $2.03 EPS, FY2024 earnings at $8.05 EPS, Q1 2025 earnings at $2.11 EPS, Q3 2025 earnings at $2.12 EPS, Q4 2025 earnings at $2.14 EPS, FY2025 earnings at $8.49 EPS and FY2026 earnings at $8.79 EPS.

Extra Space Storage (NYSE:EXRGet Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.03 by ($1.01). Extra Space Storage had a return on equity of 8.34% and a net margin of 31.81%. The company had revenue of $797.77 million for the quarter, compared to the consensus estimate of $778.05 million. During the same quarter in the previous year, the business earned $2.09 earnings per share. Extra Space Storage’s revenue was up 57.4% compared to the same quarter last year.

Other equities research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft started coverage on Extra Space Storage in a report on Tuesday, January 30th. They issued a “hold” rating and a $141.00 price objective for the company. Wells Fargo & Company reduced their price objective on Extra Space Storage from $155.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, March 4th. Scotiabank initiated coverage on Extra Space Storage in a report on Tuesday, February 13th. They issued a “sector underperform” rating and a $131.00 target price for the company. Morgan Stanley raised Extra Space Storage from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $115.00 to $150.00 in a report on Thursday, December 21st. Finally, StockNews.com lowered Extra Space Storage from a “hold” rating to a “sell” rating in a report on Saturday, March 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $149.33.

Check Out Our Latest Report on Extra Space Storage

Extra Space Storage Trading Up 0.3 %

NYSE EXR opened at $138.45 on Wednesday. Extra Space Storage has a fifty-two week low of $101.19 and a fifty-two week high of $165.85. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a 50 day simple moving average of $144.66 and a two-hundred day simple moving average of $134.84. The stock has a market cap of $29.29 billion, a P/E ratio of 28.03, a price-to-earnings-growth ratio of 3.43 and a beta of 0.74.

Institutional Investors Weigh In On Extra Space Storage

Hedge funds have recently made changes to their positions in the company. First Horizon Advisors Inc. lifted its position in shares of Extra Space Storage by 1,272.7% in the first quarter. First Horizon Advisors Inc. now owns 151 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 140 shares in the last quarter. Zions Bancorporation N.A. increased its stake in Extra Space Storage by 241.9% during the third quarter. Zions Bancorporation N.A. now owns 212 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 150 shares during the last quarter. EdgeRock Capital LLC bought a new stake in Extra Space Storage during the fourth quarter worth approximately $26,000. Creekmur Asset Management LLC bought a new stake in Extra Space Storage during the fourth quarter worth approximately $26,000. Finally, Money Concepts Capital Corp bought a new stake in Extra Space Storage during the fourth quarter worth approximately $27,000. 66.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the transaction, the chief marketing officer now directly owns 94,126 shares in the company, valued at $13,785,693.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Gwyn Goodson Mcneal sold 1,350 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $145.00, for a total value of $195,750.00. Following the sale, the executive vice president now directly owns 37,028 shares in the company, valued at $5,369,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Samrat Sondhi sold 2,048 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $146.46, for a total value of $299,950.08. Following the completion of the sale, the chief marketing officer now owns 94,126 shares in the company, valued at $13,785,693.96. The disclosure for this sale can be found here. Insiders have sold 3,532 shares of company stock worth $514,819 over the last ninety days. Corporate insiders own 1.55% of the company’s stock.

Extra Space Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be given a $1.62 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $6.48 annualized dividend and a dividend yield of 4.68%. Extra Space Storage’s payout ratio is 131.17%.

Extra Space Storage Company Profile

(Get Free Report)

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 September 30, 2023, the Company owned and/or operated 3,651 self-storage stores in 42 states and Washington, DC The Company’s stores comprise approximately 2.5 million units and approximately 279.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.

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



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