BidaskClub Upgrades Life Storage, Inc. (LSI) to “Strong-Buy”
BidaskClub upgraded shares of Life Storage, Inc. (NYSE:LSI) from a buy rating to a strong-buy rating in a report published on Tuesday morning.
A number of other equities analysts have also recently commented on LSI. Bank of America Corporation decreased their price target on Life Storage from $82.00 to $76.00 and set a neutral rating on the stock in a research note on Thursday, July 20th. Wells Fargo & Company reissued a market perform rating and set a $78.00 target price (down from $85.00) on shares of Life Storage in a research note on Saturday, July 22nd. UBS AG reissued a neutral rating and set a $75.00 target price (down from $80.00) on shares of Life Storage in a research note on Thursday, August 3rd. Evercore ISI cut Life Storage from an in-line rating to an underperform rating and reduced their target price for the company from $77.00 to $71.00 in a research note on Monday, August 7th. Finally, Citigroup Inc. reissued a buy rating and set a $85.00 target price (down from $98.00) on shares of Life Storage in a research note on Thursday, August 10th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $79.46.
Life Storage (LSI) opened at $88.62 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.19 and a quick ratio of 0.23. The company has a market capitalization of $4,119.90, a P/E ratio of 16.74, a price-to-earnings-growth ratio of 3.72 and a beta of 0.59. Life Storage has a 12 month low of $69.00 and a 12 month high of $89.56.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Stockholders of record on Friday, October 13th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Thursday, October 12th. Life Storage’s payout ratio is currently 199.01%.
Life Storage announced that its board has approved a share repurchase plan on Wednesday, August 2nd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the real estate investment trust to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.
In other news, Director Arthur L. Havener, Jr. acquired 990 shares of Life Storage stock in a transaction that occurred on Monday, August 21st. The stock was bought at an average price of $73.20 per share, for a total transaction of $72,468.00. Following the completion of the transaction, the director now owns 7,413 shares in the company, valued at $542,631.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew J. Gregoire acquired 1,500 shares of Life Storage stock in a transaction that occurred on Monday, August 21st. The shares were purchased at an average price of $71.65 per share, with a total value of $107,475.00. Following the transaction, the chief financial officer now owns 48,173 shares of the company’s stock, valued at approximately $3,451,595.45. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 3,190 shares of company stock valued at $230,042. 1.90% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its position in Life Storage by 9.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,414 shares of the real estate investment trust’s stock valued at $116,000 after acquiring an additional 124 shares during the last quarter. Advisor Group Inc. increased its position in Life Storage by 14.9% during the second quarter. Advisor Group Inc. now owns 2,986 shares of the real estate investment trust’s stock valued at $221,000 after acquiring an additional 387 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in Life Storage during the second quarter valued at $222,000. Paragon Capital Management Ltd purchased a new stake in Life Storage during the second quarter valued at $232,000. Finally, Perigon Wealth Management LLC increased its position in Life Storage by 34.0% during the second quarter. Perigon Wealth Management LLC now owns 3,150 shares of the real estate investment trust’s stock valued at $233,000 after acquiring an additional 800 shares during the last quarter. Institutional investors own 99.16% of the company’s stock.
Life Storage Company Profile
Life Storage, Inc, formerly Sovran Self Storage, Inc, is a self-administered and self-managed real estate company. The Company acquires, owns and manages self-storage properties. The Company owns its assets and conducts its operations through Life Storage LP (the Operating Partnership) and subsidiaries of the Operating Partnership.
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