Extra Space Storage (EXR) Gains As Market Dips: What You Should Know
Extra Space Storage (EXR) closed at $195.24 in the latest trading session, marking a +0.78% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.53%. Elsewhere, the Dow lost 0.29%, while the tech-heavy Nasdaq lost 0.1%.
Heading into today, shares of the self-storage facility real estate investment trust had lost 6.33% over the past month, lagging the Finance sector's loss of 3.89% and the S&P 500's loss of 4.24% in that time.
Extra Space Storage will be looking to display strength as it nears its next earnings release. On that day, Extra Space Storage is projected to report earnings of $1.79 per share, which would represent year-over-year growth of 19.33%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $425.85 million, up 18.67% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $7.72 per share and revenue of $1.76 billion, which would represent changes of +11.72% and +11.63%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Extra Space Storage. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.57% higher within the past month. Extra Space Storage is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Extra Space Storage currently has a Forward P/E ratio of 25.11. Its industry sports an average Forward P/E of 14.82, so we one might conclude that Extra Space Storage is trading at a premium comparatively.
It is also worth noting that EXR currently has a PEG ratio of 2.1. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The REIT and Equity Trust - Other industry currently had an average PEG ratio of 2.66 as of yesterday's close.
The REIT and Equity Trust - Other industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 153, which puts it in the bottom 40% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow EXR in the coming trading sessions, be sure to utilize Zacks.com.
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