Extra Space Storage Inc. (NYSE:EXR – Get Rating) – KeyCorp investment analysts released their second quarter 2022 earnings per share (EPS) estimates for Extra Space Storage in a research note released to investors on Wednesday 15 June. KeyCorp analyst T. Thomas expects the real estate investment trust to post earnings of $2.07 per share for the quarter. KeyCorp currently has an “overweight” rating and a price target of $200.00 on the stock. The consensus estimate for Extra Space Storage’s current annual earnings is $8.25 per share. KeyCorp also released estimates for Extra Space Storage Q3 2022 earnings at $2.12 EPS, Q4 2022 earnings at $2.15 EPS, FY2022 earnings at $8.35 EPS, Q1 2023 earnings at $2.17 EPS, Q2 2023 earnings at $2.25 EPS, Q3 2023 earnings at $2.29 EPS, Q4 2023 earnings at $2.28 EPS and earnings of fiscal year 2023 at $9.00 EPS. Extra Space Storage (NYSE:EXR – Get Rating) last announced its results on Tuesday, May 3. The real estate investment trust reported earnings per share (EPS) of $1.51 for the quarter, missing the consensus estimate of $1.86 per ($0.35). The company posted revenue of $379.81 million for the quarter, compared to $368.88 million expected by analysts. Extra Space Storage achieved a net margin of 50.76% and a return on equity of 23.42%. The company’s quarterly revenue increased 25.1% year over year. In the same quarter last year, the company achieved EPS of $1.50.
A number of other analysts have also published reports on the company. StockNews.com downgraded Extra Space Storage from a “buy” rating to a “hold” rating in a Wednesday, June 15 report. Truist Financial lowered its price target on Extra Space Storage from $225.00 to $200.00 and set a “buy” rating for the company in a Wednesday, June 1 report. JPMorgan Chase & Co. raised its price target on Extra Space Storage from $220.00 to $224.00 and gave the company a “neutral” rating in a Monday, April 4 report. Finally, Morgan Stanley cut its price target on Extra Space Storage shares from $172.00 to $156.00 and set an “underweight” rating for the company in a Wednesday, May 25 research note. . One research analyst gave the stock a sell rating, six gave the company a hold rating and five gave the company a buy rating. According to data from MarketBeat, Extra Space Storage currently has an average rating of “Hold” and an average price target of $203.90.
Shares of NYSE EXR opened at $159.47 on Monday. The company has a debt ratio of 1.55, a quick ratio of 0.53 and a current ratio of 0.53. The company has a market capitalization of $21.41 billion, a price/earnings ratio of 25.89, a PEG ratio of 2.52 and a beta of 0.46. The stock has a 50-day moving average price of $185.34 and a 200-day moving average price of $196.86. Extra Space Storage has a 52-week low of $156.70 and a 52-week high of $228.84.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 30. Shareholders of record on Wednesday, June 15 will receive a dividend of $1.50 per share. This represents a dividend of $6.00 on an annualized basis and a dividend yield of 3.76%. The ex-date of this dividend is Tuesday, June 14. Extra Space Storage’s payout rate is currently 97.40%.
In other news, CEO Joseph D. Margolis sold 5,000 shares of the company in a trade on Friday, April 1. The stock was sold at an average price of $208.34, for a total transaction of $1,041,700.00. As a result of the transaction, the CEO now directly owns 62,035 shares of the company, valued at $12,924,371.90. The sale was disclosed in a legal filing with the SEC, accessible via the SEC’s website. Company insiders hold 1.52% of the company’s shares.
Several hedge funds and other institutional investors have recently increased or reduced their stakes in EXR. Morgan Stanley increased its position in Extra Space Storage shares by 10.7% in the second quarter. Morgan Stanley now owns 473,972 shares of the real estate investment trust valued at $77,646,000 after acquiring an additional 45,864 shares during the period. HighTower Advisors LLC increased its position in Extra Space Storage shares by 264.6% in Q3. HighTower Advisors LLC now owns 6,381 shares of the real estate investment trust valued at $1,080,000 after acquiring an additional 4,631 shares during the period. Marshall Wace LLP increased its position in Extra Space Storage shares by 358.6% in the third quarter. Marshall Wace LLP now owns 25,376 shares of the real estate investment trust worth $4,263,000 after acquiring an additional 19,843 shares during the period. LPL Financial LLC increased its position in Extra Space Storage shares by 27.3% in the third quarter. LPL Financial LLC now owns 26,373 shares of the real estate investment trust valued at $4,430,000 after acquiring an additional 5,656 shares during the period. Finally, United Capital Financial Advisers LLC increased its position in Extra Space Storage shares by 1.2% in the third quarter. United Capital Financial Advisers LLC now owns 9,706 shares of the real estate investment trust valued at $1,631,000 after acquiring 116 additional shares during the period. 95.44% of the shares are currently held by hedge funds and other institutional investors.
About additional space storage (Get an assessment)
Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 storage stores self service. in 40 states, Washington, DC and Puerto Rico. The Company’s stores comprise approximately 1.4 million units and approximately 147.5 million square feet of leasable space.
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