Life Storage (NYSE:LSI) Stock Rating Lowered by Zacks Investment Research
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. “
Other research analysts have also issued reports about the company. KeyCorp boosted their target price on Life Storage from $106.00 to $110.00 and gave the stock an overweight rating in a report on Monday, August 5th. Stifel Nicolaus assumed coverage on Life Storage in a report on Monday, August 19th. They set a hold rating and a $106.00 target price on the stock. Raymond James boosted their target price on Life Storage from $106.00 to $110.00 and gave the stock an outperform rating in a report on Tuesday, September 17th. Finally, Robert W. Baird raised Life Storage from an underperform rating to a neutral rating and boosted their target price for the stock from $92.00 to $101.00 in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Life Storage presently has an average rating of Hold and an average price target of $109.00.
Life Storage (NYSE:LSI) last posted its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.87 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.41 by ($0.54). The company had revenue of $145.00 million for the quarter, compared to analyst estimates of $142.96 million. Life Storage had a return on equity of 10.21% and a net margin of 37.17%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the firm earned $1.39 EPS. As a group, research analysts predict that Life Storage will post 5.6 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Friday, October 11th. Life Storage’s payout ratio is presently 72.60%.
In other Life Storage news, CFO Andrew J. Gregoire sold 3,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $105.04, for a total value of $315,120.00. Following the transaction, the chief financial officer now directly owns 52,224 shares of the company’s stock, valued at approximately $5,485,608.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Edward F. Killeen sold 1,500 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $105.06, for a total value of $157,590.00. Following the completion of the transaction, the chief operating officer now directly owns 26,998 shares in the company, valued at $2,836,409.88. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock worth $679,690 over the last three months. 0.80% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. 6 Meridian lifted its position in shares of Life Storage by 2.4% during the 2nd quarter. 6 Meridian now owns 5,215 shares of the real estate investment trust’s stock valued at $496,000 after acquiring an additional 120 shares during the period. Municipal Employees Retirement System of Michigan lifted its position in shares of Life Storage by 1.4% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 8,620 shares of the real estate investment trust’s stock valued at $820,000 after acquiring an additional 120 shares during the period. Eii Capital Management Inc. lifted its position in shares of Life Storage by 0.8% during the 2nd quarter. Eii Capital Management Inc. now owns 19,702 shares of the real estate investment trust’s stock valued at $1,873,000 after acquiring an additional 162 shares during the period. Amundi Pioneer Asset Management Inc. lifted its position in shares of Life Storage by 0.8% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 22,575 shares of the real estate investment trust’s stock valued at $2,147,000 after acquiring an additional 182 shares during the period. Finally, Panagora Asset Management Inc. lifted its position in shares of Life Storage by 5.3% during the 2nd quarter. Panagora Asset Management Inc. now owns 3,890 shares of the real estate investment trust’s stock worth $370,000 after buying an additional 195 shares during the last quarter. 92.77% of the stock is currently owned by hedge funds and other institutional investors.
About Life Storage
Life Storage, Inc is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. Located in Buffalo, New York, the Company operates more than 750 storage facilities in 28 states and Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.
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