Paloma Partners Management Co Invests $1.68 Million in Life Storage Inc (LSI) Stock
Paloma Partners Management Co acquired a new position in Life Storage Inc (NYSE:LSI) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 17,286 shares of the real estate investment trust’s stock, valued at approximately $1,682,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new stake in Life Storage in the 2nd quarter worth about $104,000. Steward Partners Investment Advisory LLC increased its holdings in Life Storage by 333.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,300 shares of the real estate investment trust’s stock worth $127,000 after acquiring an additional 1,000 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD purchased a new stake in Life Storage in the 2nd quarter worth about $206,000. Hudson Valley Investment Advisors Inc. ADV purchased a new stake in Life Storage in the 2nd quarter worth about $208,000. Finally, World Asset Management Inc purchased a new position in Life Storage during the 2nd quarter valued at about $226,000. 94.26% of the stock is owned by institutional investors.
A number of research analysts have weighed in on the company. Zacks Investment Research raised Life Storage from a “hold” rating to a “buy” rating and set a $109.00 target price for the company in a report on Thursday, July 5th. Citigroup lifted their target price on Life Storage from $83.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, July 12th. ValuEngine raised Life Storage from a “hold” rating to a “buy” rating in a report on Wednesday, June 27th. Bank of America lifted their target price on Life Storage from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Monday, July 16th. Finally, DA Davidson lifted their target price on Life Storage to $105.00 in a report on Friday, August 3rd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Life Storage currently has a consensus rating of “Hold” and an average price target of $91.58.
Life Storage (NYSE:LSI) last issued its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.84 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.34 by ($0.50). The business had revenue of $138.00 million for the quarter, compared to the consensus estimate of $135.97 million. Life Storage had a net margin of 24.04% and a return on equity of 6.53%. The business’s revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 EPS. sell-side analysts expect that Life Storage Inc will post 5.46 EPS for the current fiscal year.
Life Storage Company Profile
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 700 storage facilities in 28 states. The Company serves both residential and commercial storage customers with storage units rented by month.
Further Reading: Outstanding Shares and The Effect on Share Price
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