Life Storage, Inc. (NYSE:LSI) – Research analysts at SunTrust Banks reduced their Q3 2017 EPS estimates for Life Storage in a research note issued to investors on Friday. SunTrust Banks analyst K. Kim now expects that the real estate investment trust will post earnings of $1.41 per share for the quarter, down from their prior estimate of $1.42. SunTrust Banks also issued estimates for Life Storage’s Q4 2017 earnings at $1.40 EPS and FY2017 earnings at $5.42 EPS.
Several other analysts have also recently weighed in on the company. Zacks Investment Research cut Life Storage from a “hold” rating to a “sell” rating in a report on Monday, April 24th. FBR & Co set a $79.00 price target on Life Storage and gave the stock a “hold” rating in a research report on Thursday, May 4th. Cantor Fitzgerald lowered Life Storage from an “overweight” rating to a “neutral” rating and set a $78.00 price target on the stock. in a research report on Friday, May 5th. Bank of America Corporation lowered Life Storage from a “buy” rating to a “neutral” rating and set a $82.00 price target on the stock. in a research report on Tuesday, May 9th. Finally, Citigroup Inc. restated a “buy” rating and set a $92.00 price target (down from $100.00) on shares of Life Storage in a research report on Sunday, May 14th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $89.62.
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Life Storage (NYSE:LSI) last issued its quarterly earnings results on Wednesday, May 3rd. The real estate investment trust reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.27 by $0.01. Life Storage had a return on equity of 3.68% and a net margin of 15.72%. The business had revenue of $128.30 million for the quarter, compared to the consensus estimate of $128.19 million. The firm’s quarterly revenue was up 29.5% on a year-over-year basis.
A number of hedge funds have recently made changes to their positions in the stock. Nationwide Fund Advisors raised its stake in shares of Life Storage by 77.6% in the first quarter. Nationwide Fund Advisors now owns 178,510 shares of the real estate investment trust’s stock worth $14,659,000 after buying an additional 78,007 shares during the last quarter. Navellier & Associates Inc increased its position in Life Storage by 19.3% in the first quarter. Navellier & Associates Inc now owns 22,208 shares of the real estate investment trust’s stock valued at $1,824,000 after buying an additional 3,585 shares during the period. State of Alaska Department of Revenue increased its position in Life Storage by 29.7% in the first quarter. State of Alaska Department of Revenue now owns 23,220 shares of the real estate investment trust’s stock valued at $1,906,000 after buying an additional 5,320 shares during the period. Nisa Investment Advisors LLC increased its position in Life Storage by 9.3% in the first quarter. Nisa Investment Advisors LLC now owns 8,525 shares of the real estate investment trust’s stock valued at $700,000 after buying an additional 725 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in Life Storage by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 11,700 shares of the real estate investment trust’s stock valued at $961,000 after buying an additional 200 shares during the period. 96.79% of the stock is currently owned by institutional investors.
In other news, insider Paul T. Powell purchased 700 shares of Life Storage stock in a transaction dated Tuesday, May 9th. The shares were purchased at an average price of $73.04 per share, with a total value of $51,128.00. Following the transaction, the insider now owns 44,296 shares in the company, valued at $3,235,379.84. The purchase was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is currently owned by insiders.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Monday, July 17th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 5.39%. The ex-dividend date of this dividend is Thursday, July 13th. Life Storage’s payout ratio is presently 227.27%.
Life Storage Company 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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