Analysts Offer Predictions for Extra Space Storage Inc.’s Q2 2022 Earnings (NYSE:EXR)

Extra Space Storage Inc. (NYSE:EXRGet Rating) – Investment analysts at KeyCorp issued their Q2 2022 earnings per share (EPS) estimates for Extra Space Storage in a research note issued to investors on Wednesday, June 15th. KeyCorp analyst T. Thomas forecasts that the real estate investment trust will post earnings of $2.07 per share for the quarter. KeyCorp currently has a “Overweight” rating and a $200.00 price objective on the stock. The consensus estimate for Extra Space Storage’s current full-year earnings is $8.25 per share. KeyCorp also issued estimates for Extra Space Storage’s 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 FY2023 earnings at $9.00 EPS.

Extra Space Storage (NYSE:EXRGet Rating) last announced its earnings results on Tuesday, May 3rd. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.35). The business had revenue of $379.81 million for the quarter, compared to analysts’ expectations of $368.88 million. Extra Space Storage had a net margin of 50.76% and a return on equity of 23.42%. The firm’s quarterly revenue was up 25.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.50 EPS.

A number of other analysts have also issued reports on the company. StockNews.com lowered Extra Space Storage from a “buy” rating to a “hold” rating in a report on Wednesday, June 15th. Truist Financial lowered their price target on Extra Space Storage from $225.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 1st. JPMorgan Chase & Co. boosted their price target on Extra Space Storage from $220.00 to $224.00 and gave the company a “neutral” rating in a report on Monday, April 4th. Finally, Morgan Stanley reduced their price objective on shares of Extra Space Storage from $172.00 to $156.00 and set an “underweight” rating for the company in a research note on Wednesday, May 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Extra Space Storage presently 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-to-equity ratio of 1.55, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market capitalization of $21.41 billion, a price-to-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 firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Tuesday, June 14th. Extra Space Storage’s payout ratio is presently 97.40%.

In other news, CEO Joseph D. Margolis sold 5,000 shares of the company’s stock in a transaction on Friday, April 1st. The stock was sold at an average price of $208.34, for a total transaction of $1,041,700.00. Following the transaction, the chief executive officer now directly owns 62,035 shares of the company’s stock, valued at $12,924,371.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.52% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EXR. Morgan Stanley increased its position in shares of Extra Space Storage by 10.7% in the 2nd quarter. Morgan Stanley now owns 473,972 shares of the real estate investment trust’s stock valued at $77,646,000 after acquiring an additional 45,864 shares during the period. HighTower Advisors LLC increased its position in shares of Extra Space Storage by 264.6% in the 3rd quarter. HighTower Advisors LLC now owns 6,381 shares of the real estate investment trust’s stock valued at $1,080,000 after acquiring an additional 4,631 shares during the period. Marshall Wace LLP increased its position in shares of Extra Space Storage by 358.6% in the 3rd quarter. Marshall Wace LLP now owns 25,376 shares of the real estate investment trust’s stock valued at $4,263,000 after acquiring an additional 19,843 shares during the period. LPL Financial LLC increased its position in shares of Extra Space Storage by 27.3% in the 3rd quarter. LPL Financial LLC now owns 26,373 shares of the real estate investment trust’s stock 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 shares of Extra Space Storage by 1.2% in the 3rd quarter. United Capital Financial Advisers LLC now owns 9,706 shares of the real estate investment trust’s stock valued at $1,631,000 after acquiring an additional 116 shares during the period. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

About Extra Space Storage (Get Rating)

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, 2020, the Company owned and/or operated 1,906 self-storage stores 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 rentable space.

Featured Stories

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

Want More Great Investing Ideas?

Receive News & Ratings for Extra Space Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extra Space Storage and related companies with MarketBeat.com's FREE daily email newsletter.