Jefferies Financial Group Comments on Extra Space Storage, Inc.’s Q2 2019 Earnings (NYSE:EXR)

Extra Space Storage, Inc. (NYSE:EXR) – Equities researchers at Jefferies Financial Group boosted their Q2 2019 earnings per share (EPS) estimates for Extra Space Storage in a research report issued to clients and investors on Monday, July 15th. Jefferies Financial Group analyst O. Okusanya now forecasts that the real estate investment trust will post earnings per share of $1.20 for the quarter, up from their previous forecast of $1.19. Jefferies Financial Group also issued estimates for Extra Space Storage’s FY2019 earnings at $4.82 EPS.

EXR has been the topic of several other research reports. BMO Capital Markets restated a “hold” rating and issued a $45.00 price target on shares of SAP in a research report on Wednesday, May 1st. Zacks Investment Research cut shares of Guaranty Federal Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, April 23rd. Raymond James set a $28.00 target price on shares of Wheaton Precious Metals and gave the company a “buy” rating in a research note on Thursday, March 21st. Finally, Evercore ISI cut shares of Essex Property Trust from an “outperform” rating to an “in-line” rating in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Extra Space Storage has a consensus rating of “Hold” and a consensus price target of $96.47.

Shares of EXR opened at $111.34 on Tuesday. The stock has a fifty day simple moving average of $108.28. Extra Space Storage has a fifty-two week low of $83.70 and a fifty-two week high of $112.62. The company has a market capitalization of $14.27 billion, a PE ratio of 23.84, a PEG ratio of 4.76 and a beta of 0.23. 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 (NYSE:EXR) last posted its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.02. Extra Space Storage had a return on equity of 16.56% and a net margin of 37.12%. The company had revenue of $271.00 million for the quarter, compared to analyst estimates of $266.01 million. During the same period last year, the company earned $1.09 earnings per share. The business’s revenue was up 9.3% compared to the same quarter last year.

Institutional investors have recently made changes to their positions in the company. Exane Derivatives lifted its holdings in Extra Space Storage by 3,831.0% during the first quarter. Exane Derivatives now owns 1,651 shares of the real estate investment trust’s stock valued at $168,000 after purchasing an additional 1,609 shares in the last quarter. NEXT Financial Group Inc bought a new stake in shares of Extra Space Storage during the second quarter valued at approximately $169,000. Liberty Wealth Management LLC bought a new stake in shares of Extra Space Storage during the fourth quarter valued at approximately $170,000. Marshall Wace North America L.P. bought a new stake in shares of Extra Space Storage during the first quarter valued at approximately $173,000. Finally, Burney Co. bought a new stake in Extra Space Storage in the first quarter worth $202,000. 99.90% of the stock is owned by institutional investors.

In other news, COO Samrat Sondhi sold 4,480 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $106.99, for a total value of $479,315.20. Following the transaction, the chief operating officer now owns 76,879 shares of the company’s stock, valued at approximately $8,225,284.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Grace Kunde sold 623 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $106.23, for a total transaction of $66,181.29. Following the completion of the transaction, the senior vice president now directly owns 8,940 shares in the company, valued at approximately $949,696.20. The disclosure for this sale can be found here. In the last three months, insiders sold 22,805 shares of company stock worth $2,438,849. Insiders own 3.29% of the company’s stock.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $3.60 annualized dividend and a dividend yield of 3.23%. This is a positive change from Extra Space Storage’s previous quarterly dividend of $0.86. Extra Space Storage’s payout ratio is 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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