Life Storage, Inc. (LSI) Price Target Raised to $85.00 at DA Davidson
Life Storage, Inc. (NYSE:LSI) had its price target lifted by DA Davidson to $85.00 in a research note released on Friday. DA Davidson currently has a neutral rating on the real estate investment trust’s stock. DA Davidson also issued estimates for Life Storage’s Q4 2017 earnings at $1.30 EPS, Q1 2018 earnings at $1.30 EPS, Q2 2018 earnings at $1.37 EPS, Q3 2018 earnings at $1.38 EPS, Q4 2018 earnings at $1.36 EPS, FY2018 earnings at $5.41 EPS, Q1 2019 earnings at $1.31 EPS, Q2 2019 earnings at $1.37 EPS, Q3 2019 earnings at $1.37 EPS and FY2019 earnings at $5.41 EPS.
LSI has been the subject of a number of other reports. BMO Capital Markets reissued a sell rating and set a $73.00 price target on shares of Life Storage in a research report on Thursday. BidaskClub cut shares of Life Storage from a hold rating to a sell rating in a research report on Saturday, September 2nd. Zacks Investment Research raised shares of Life Storage from a sell rating to a hold rating in a research report on Wednesday, October 4th. KeyCorp reissued a hold rating on shares of Life Storage in a research report on Thursday, October 12th. Finally, FBR & Co cut shares of Life Storage from a neutral rating to a sell rating and set a $70.00 target price for the company. in a report on Tuesday, September 12th. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. Life Storage presently has a consensus rating of Hold and a consensus target price of $78.85.
Shares of Life Storage (NYSE LSI) traded up $1.00 during midday trading on Friday, reaching $85.02. 565,204 shares of the company were exchanged, compared to its average volume of 534,177. Life Storage has a one year low of $69.00 and a one year high of $89.24. The stock has a market cap of $3,956.58, a PE ratio of 16.07, a P/E/G ratio of 3.56 and a beta of 0.59. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.23 and a current ratio of 0.19.
Life Storage (NYSE:LSI) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.02). Life Storage had a net margin of 17.79% and a return on equity of 4.65%. The business had revenue of $132.78 million for the quarter, compared to analysts’ expectations of $132.62 million. During the same period last year, the business earned $1.32 earnings per share. The company’s revenue was up 24.1% on a year-over-year basis. research analysts anticipate that Life Storage will post 5.3 earnings per share for the current year.
Life Storage declared that its board has authorized a stock repurchase plan on Wednesday, August 2nd that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed 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. The ex-dividend date was Thursday, October 12th. This represents a $4.00 annualized dividend and a dividend yield of 4.70%. Life Storage’s payout ratio is 199.01%.
In related news, insider Paul T. Powell acquired 700 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was purchased at an average cost of $71.57 per share, with a total value of $50,099.00. Following the completion of the acquisition, the insider now directly owns 44,996 shares of the company’s stock, valued at $3,220,363.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arthur L. Havener, Jr. acquired 990 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were bought at an average cost of $73.20 per share, with a total value of $72,468.00. Following the completion of the acquisition, the director now directly owns 7,413 shares of the company’s stock, valued at $542,631.60. The disclosure for this purchase can be found here. Insiders have bought 3,190 shares of company stock valued at $230,042 over the last three months. 1.90% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Courier Capital LLC grew its position in Life Storage by 272.9% during the third quarter. Courier Capital LLC now owns 62,806 shares of the real estate investment trust’s stock valued at $5,138,000 after buying an additional 45,963 shares during the period. Principal Financial Group Inc. grew its position in Life Storage by 0.5% during the third quarter. Principal Financial Group Inc. now owns 198,020 shares of the real estate investment trust’s stock valued at $16,200,000 after buying an additional 1,055 shares during the period. Prudential Financial Inc. grew its position in Life Storage by 840.0% during the third quarter. Prudential Financial Inc. now owns 299,983 shares of the real estate investment trust’s stock valued at $24,542,000 after buying an additional 268,070 shares during the period. Forsta AP Fonden grew its position in Life Storage by 59.1% during the third quarter. Forsta AP Fonden now owns 24,500 shares of the real estate investment trust’s stock valued at $2,004,000 after buying an additional 9,100 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its position in Life Storage by 2.5% during the third quarter. State Board of Administration of Florida Retirement System now owns 61,615 shares of the real estate investment trust’s stock valued at $5,041,000 after buying an additional 1,530 shares during the period. Institutional investors own 96.83% of the company’s stock.
About Life Storage
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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