Life Storage, Inc. (LSI) Upgraded at Zacks Investment Research
Life Storage, Inc. (NYSE:LSI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Life Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust which acquires and manages self-storage properties. The company’s brand name consists of Life Storage(R) and Uncle Bob’s Self Storage(R). Life Storage, Inc., formerly known as Sovran Self Storage, Inc., is headquartered in Buffalo, New York. “
LSI has been the topic of a number of other research reports. BidaskClub lowered shares of Life Storage from a “hold” rating to a “sell” rating in a report on Saturday, September 2nd. FBR & Co lowered shares of Life Storage from a “neutral” rating to a “sell” rating and set a $70.00 price target on the stock. in a report on Tuesday, September 12th. Wells Fargo & Company reissued a “market perform” rating and issued a $78.00 price target (down previously from $85.00) on shares of Life Storage in a report on Saturday, July 22nd. UBS AG reissued a “neutral” rating and issued a $75.00 price target (down previously from $80.00) on shares of Life Storage in a report on Wednesday, August 9th. Finally, Evercore ISI lowered shares of Life Storage from an “in-line” rating to an “underperform” rating and decreased their price target for the stock from $77.00 to $71.00 in a report on Monday, August 7th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $77.91.
Shares of Life Storage (NYSE LSI) traded up 0.56% during mid-day trading on Wednesday, reaching $81.35. 371,604 shares of the company’s stock were exchanged. Life Storage has a 52-week low of $69.00 and a 52-week high of $89.24. The company has a 50 day moving average price of $77.91 and a 200 day moving average price of $77.16. The firm has a market cap of $3.77 billion, a P/E ratio of 71.17 and a beta of 0.59.
Life Storage (NYSE:LSI) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 EPS for the quarter, missing the Zacks’ consensus estimate of $1.35 by ($0.02). The company had revenue of $132.78 million during the quarter, compared to the consensus estimate of $132.62 million. Life Storage had a return on equity of 2.56% and a net margin of 10.28%. Life Storage’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.32 EPS. Analysts forecast that Life Storage will post $1.91 earnings per share for the current fiscal year.
Life Storage announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 2nd that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the real estate investment trust to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other Life Storage news, insider Paul T. Powell acquired 700 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was bought at an average price of $71.57 per share, with a total value of $50,099.00. Following the purchase, the insider now owns 44,996 shares of the company’s stock, valued at $3,220,363.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur L. Havener, Jr. acquired 990 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was acquired at an average cost of $73.20 per share, with a total value of $72,468.00. Following the purchase, the director now directly owns 7,413 shares in the company, valued at approximately $542,631.60. The disclosure for this purchase can be found here. Insiders bought a total of 3,190 shares of company stock valued at $230,042 in the last ninety days. 1.90% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its position in Life Storage by 9.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,414 shares of the real estate investment trust’s stock valued at $116,000 after buying an additional 124 shares during the period. Perigon Wealth Management LLC purchased a new stake in Life Storage during the 1st quarter valued at $193,000. Advisor Group Inc. boosted its position in Life Storage by 14.9% during the 2nd quarter. Advisor Group Inc. now owns 2,986 shares of the real estate investment trust’s stock valued at $221,000 after buying an additional 387 shares during the period. Fox Run Management L.L.C. purchased a new stake in Life Storage during the 2nd quarter valued at $222,000. Finally, Paragon Capital Management Ltd purchased a new stake in Life Storage during the 2nd quarter valued at $232,000. 96.83% of the stock is owned by institutional investors and hedge funds.
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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