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Extra Space Storage (EXR) Surges 3.5%: Is This an Indication of Further Gains?

Extra Space Storage EXR shares ended the last trading session 3.5% higher at $106.97. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.6% loss over the past four weeks.

This increased optimism stems from the favorable real estate market fundamentals of the self-storage industry.

This self-storage facility real estate investment trust is expected to post quarterly funds from operations (FFO) of $2.03 per share in its upcoming report, which represents a year-over-year change of -8.1%. Revenues are expected to be $522.24 million, up 4.7% from the year-ago quarter.

While FFO and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO estimate revisions and near-term stock price movements.

For Extra Space Storage, the consensus FFO per share estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in FFO estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on EXR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Extra Space Storage is a member of the Zacks REIT and Equity Trust - Other industry. One other stock in the same industry, National Health Investors (NHI), finished the last trading session 2.4% higher at $51.44. NHI has returned -1.3% over the past month.

National Health Investors' consensus FFO per share estimate for the upcoming report has remained unchanged over the past month at $1.08. Compared to the company's year-ago FFO per share, this represents a change of +1.9%. National Health Investors currently carries a Zacks Rank of #4 (Sell).

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Extra Space Storage Inc (EXR) : Free Stock Analysis Report

National Health Investors, Inc. (NHI) : Free Stock Analysis Report

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