Teachers Advisors LLC Lowers Holdings in Life Storage, Inc. (LSI)
Teachers Advisors LLC lessened its position in shares of Life Storage, Inc. (NYSE:LSI) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,553 shares of the real estate investment trust’s stock after selling 468 shares during the period. Teachers Advisors LLC owned about 0.12% of Life Storage worth $4,191,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in LSI. BlackRock Inc. increased its holdings in Life Storage by 5,546.9% during the 1st quarter. BlackRock Inc. now owns 4,947,812 shares of the real estate investment trust’s stock worth $406,317,000 after purchasing an additional 4,860,192 shares in the last quarter. Brookfield Asset Management Inc. grew its holdings in shares of Life Storage by 423.6% in the 1st quarter. Brookfield Asset Management Inc. now owns 1,135,200 shares of the real estate investment trust’s stock valued at $93,223,000 after acquiring an additional 918,400 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Life Storage by 28.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,647,175 shares of the real estate investment trust’s stock valued at $217,386,000 after acquiring an additional 580,486 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Life Storage by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 7,298,673 shares of the real estate investment trust’s stock valued at $599,367,000 after acquiring an additional 179,513 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Life Storage by 27.5% in the 1st quarter. Wellington Management Group LLP now owns 699,278 shares of the real estate investment trust’s stock valued at $57,425,000 after acquiring an additional 150,968 shares in the last quarter. Hedge funds and other institutional investors own 96.83% of the company’s stock.
Several equities analysts have recently weighed in on LSI shares. TheStreet cut Life Storage from a “b-” rating to a “c+” rating in a report on Monday, June 19th. Bank of America Corporation decreased their price objective on Life Storage from $82.00 to $76.00 and set a “neutral” rating for the company in a report on Thursday, July 20th. Wells Fargo & Company restated a “market perform” rating and issued a $78.00 price objective (down previously from $85.00) on shares of Life Storage in a report on Saturday, July 22nd. UBS AG restated a “neutral” rating and issued a $75.00 price objective (down previously from $80.00) on shares of Life Storage in a report on Thursday, August 3rd. Finally, Evercore ISI cut Life Storage from an “in-line” rating to an “underperform” rating and decreased their price objective for the company from $77.00 to $71.00 in a report on Monday, August 7th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $77.91.
Life Storage, Inc. (LSI) opened at 81.86 on Friday. Life Storage, Inc. has a 12-month low of $69.00 and a 12-month high of $89.24. The company has a market cap of $3.80 billion, a PE ratio of 71.62 and a beta of 0.59. The company’s 50-day moving average price is $79.60 and its 200-day moving average price is $77.09.
Life Storage (NYSE:LSI) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.35 by ($0.02). Life Storage had a return on equity of 2.56% and a net margin of 10.28%. The firm had revenue of $132.78 million during the quarter, compared to the consensus estimate of $132.62 million. During the same period in the previous year, the company posted $1.32 earnings per share. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. Equities analysts anticipate that Life Storage, Inc. will post $1.91 earnings per share for the current year.
Life Storage declared that its board has authorized a share buyback 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 often a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 26th. Shareholders of record on Friday, October 13th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date of this dividend is Thursday, October 12th. Life Storage’s payout ratio is 347.83%.
In related news, insider Paul T. Powell bought 700 shares of Life Storage 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 transaction, 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 legal filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur L. Havener, Jr. bought 990 shares of Life Storage 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 transaction, the director now directly owns 7,413 shares in the company, valued at $542,631.60. The disclosure for this purchase can be found here. Insiders acquired a total of 3,190 shares of company stock valued at $230,042 over the last ninety days. 1.90% of the stock is currently owned by insiders.
Life Storage 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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