Q2 2023 Earnings Forecast for Extra Space Storage Inc. (NYSE:EXR) Issued By Zacks Research

Posted by Defense World Staff on May 20th, 2023

Extra Space Storage Inc. (NYSE:EXR – Get Rating) – Investment analysts at Zacks Research upped their Q2 2023 earnings per share estimates for shares of Extra Space Storage in a research report issued on Tuesday, May 16th. Zacks Research analyst M. Chattopadhyay now expects that the real estate investment trust will post earnings per share of $2.09 for the quarter, up from their previous estimate of $2.06. The consensus estimate for Extra Space Storage’s current full-year earnings is $8.51 per share. Zacks Research also issued estimates for Extra Space Storage’s Q3 2023 earnings at $2.16 EPS, Q4 2023 earnings at $2.12 EPS, FY2023 earnings at $8.40 EPS, Q2 2024 earnings at $2.18 EPS, Q3 2024 earnings at $2.20 EPS, Q4 2024 earnings at $2.15 EPS, FY2024 earnings at $8.68 EPS, Q1 2025 earnings at $2.28 EPS and FY2025 earnings at $9.26 EPS.

Extra Space Storage (NYSE:EXR – Get Rating) last issued its earnings results on Wednesday, February 22nd. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.56). The company had revenue of $506.70 million during the quarter, compared to analyst estimates of $433.39 million. Extra Space Storage had a return on equity of 21.62% and a net margin of 43.79%. The business’s revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.91 earnings per share.

Other equities analysts have also issued reports about the company. Raymond James upgraded Extra Space Storage from an “outperform” rating to a “strong-buy” rating and set a $185.00 price objective on the stock in a research note on Tuesday, April 4th. Bank of America assumed coverage on Extra Space Storage in a research note on Monday, May 8th. They issued a “buy” rating on the stock. StockNews.com assumed coverage on Extra Space Storage in a research note on Thursday. They set a “hold” rating on the stock. KeyCorp decreased their price objective on Extra Space Storage from $190.00 to $172.00 and set an “overweight” rating for the company in a report on Wednesday, April 5th. Finally, Truist Financial lifted their price target on Extra Space Storage from $160.00 to $165.00 and gave the stock a “hold” rating in a report on Wednesday, March 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Extra Space Storage has an average rating of “Hold” and a consensus target price of $170.56.

Extra Space Storage Price Performance

Shares of NYSE:EXR opened at $148.10 on Friday. Extra Space Storage has a fifty-two week low of $139.97 and a fifty-two week high of $216.52. The business has a 50-day moving average of $155.09 and a two-hundred day moving average of $155.64. The stock has a market capitalization of $20.00 billion, a P/E ratio of 23.29, a P/E/G ratio of 5.11 and a beta of 0.54. The company has a debt-to-equity ratio of 1.82, a current ratio of 0.27 and a quick ratio of 0.27.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in EXR. Power Corp of Canada grew its position in Extra Space Storage by 100.0% during the 1st quarter. Power Corp of Canada now owns 2,224 shares of the real estate investment trust’s stock worth $341,000 after purchasing an additional 1,112 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Extra Space Storage by 29.5% during the first quarter. JPMorgan Chase & Co. now owns 588,521 shares of the real estate investment trust’s stock worth $95,887,000 after buying an additional 134,123 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Extra Space Storage during the first quarter worth $203,000. Rockefeller Capital Management L.P. grew its holdings in shares of Extra Space Storage by 16.8% in the first quarter. Rockefeller Capital Management L.P. now owns 1,518 shares of the real estate investment trust’s stock valued at $247,000 after purchasing an additional 218 shares during the period. Finally, Chevy Chase Trust Holdings LLC lifted its position in Extra Space Storage by 1.0% in the first quarter. Chevy Chase Trust Holdings LLC now owns 77,825 shares of the real estate investment trust’s stock valued at $12,680,000 after buying an additional 799 shares during the last quarter. Hedge funds and other institutional investors own 95.32% of the company’s stock.

Insider Activity

In other news, CMO Samrat Sondhi sold 6,290 shares of Extra Space Storage stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $161.88, for a total transaction of $1,018,225.20. Following the sale, the chief marketing officer now owns 82,653 shares of the company’s stock, valued at approximately $13,379,867.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Extra Space Storage news, CMO Samrat Sondhi sold 6,290 shares of Extra Space Storage stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $161.88, for a total value of $1,018,225.20. Following the completion of the transaction, the chief marketing officer now directly owns 82,653 shares of the company’s stock, valued at $13,379,867.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Matthew T. Herrington sold 650 shares of the business’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $165.75, for a total transaction of $107,737.50. Following the transaction, the chief operating officer now directly owns 6,405 shares of the company’s stock, valued at $1,061,628.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,440 shares of company stock worth $2,172,313. 1.55% of the stock is currently owned by corporate insiders.

About Extra Space Storage

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Extra Space Storage, Inc is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores.