Extra Space Storage Inc. (EXR) Releases Earnings Results
Extra Space Storage Inc. (NYSE:EXR) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.03. Extra Space Storage had a net margin of 27.43% and a return on equity of 13.27%. The company had revenue of $257.20 million for the quarter, compared to the consensus estimate of $218.17 million. During the same period in the prior year, the firm posted $0.81 EPS. The company’s quarterly revenue was up 30.2% compared to the same quarter last year. Extra Space Storage updated its FY16 guidance to $3.78-3.80 EPS.
Shares of Extra Space Storage (NYSE:EXR) opened at 76.22 on Thursday. The stock has a 50 day moving average of $77.51 and a 200 day moving average of $85.61. Extra Space Storage has a 1-year low of $73.02 and a 1-year high of $94.81. The firm has a market cap of $9.59 billion, a PE ratio of 38.73 and a beta of 0.64.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Tuesday, September 13th. Extra Space Storage’s dividend payout ratio (DPR) is presently 158.38%.
In other Extra Space Storage news, CEO Spencer Kirk sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $80.66, for a total transaction of $1,613,200.00. Following the sale, the chief executive officer now owns 734,430 shares in the company, valued at approximately $59,239,123.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 4.13% of the company’s stock.
Several institutional investors have recently modified their holdings of EXR. Cypress Capital Management LLC WY acquired a new position in shares of Extra Space Storage during the second quarter worth $143,000. IFP Advisors Inc increased its position in Extra Space Storage by 3.1% in the second quarter. IFP Advisors Inc now owns 1,549 shares of the real estate investment trust’s stock worth $143,000 after buying an additional 46 shares in the last quarter. Mizuho Asset Management Co. Ltd. purchased a new position in Extra Space Storage during the second quarter worth approximately $166,000. Westport Resources Management Inc. increased its position in Extra Space Storage by 439.2% in the second quarter. Westport Resources Management Inc. now owns 2,119 shares of the real estate investment trust’s stock worth $196,000 after buying an additional 1,726 shares in the last quarter. Finally, Johanson Financial Advisors Inc. purchased a new position in Extra Space Storage during the second quarter worth approximately $208,000. Institutional investors own 96.30% of the company’s stock.
A number of research firms recently commented on EXR. Zacks Investment Research raised shares of Extra Space Storage from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a research report on Tuesday, July 5th. Jefferies Group reaffirmed a “buy” rating on shares of Extra Space Storage in a research report on Wednesday, July 6th. SunTrust Banks Inc. downgraded shares of Extra Space Storage from a “buy” rating to a “neutral” rating and dropped their target price for the company from $107.00 to $100.00 in a research report on Monday, July 25th. DA Davidson increased their target price on shares of Extra Space Storage from $90.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, July 29th. Finally, Raymond James Financial Inc. downgraded shares of Extra Space Storage from a “strong-buy” rating to an “outperform” rating and increased their target price for the company from $95.00 to $106.00 in a research report on Friday, August 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Extra Space Storage presently has an average rating of “Hold” and an average target price of $92.96.
Extra Space Storage Company Profile
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development. The Company owns, operates, manages, acquires, develops and redevelops self-storage properties (stores).
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