Life Storage, Inc. (NYSE:LSI)‘s stock had its “sell” rating reiterated by stock analysts at BMO Capital Markets in a research report issued on Thursday. They currently have a $73.00 target price on the real estate investment trust’s stock. BMO Capital Markets’ price target indicates a potential downside of 14.14% from the company’s previous close.
Other equities analysts also recently issued reports about the company. BidaskClub downgraded Life Storage from a “hold” rating to a “sell” rating in a research report on Saturday, September 2nd. Zacks Investment Research upgraded Life Storage from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. KeyCorp reissued a “hold” rating on shares of Life Storage in a research note on Thursday, October 12th. FBR & Co cut Life Storage from a “neutral” rating to a “sell” rating and set a $70.00 price objective on the stock. in a research note on Tuesday, September 12th. Finally, Wells Fargo & Company reissued a “market perform” rating and set a $78.00 price objective (down from $85.00) on shares of Life Storage in a research note on Saturday, July 22nd. Five equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. Life Storage presently has an average rating of “Hold” and a consensus target price of $78.85.
Shares of Life Storage (NYSE:LSI) traded up $1.00 on Thursday, hitting $85.02. The company had a trading volume of 565,204 shares, compared to its average volume of 505,363. The company has a quick ratio of 0.23, a current ratio of 0.19 and a debt-to-equity ratio of 0.85. Life Storage has a one year low of $69.00 and a one year high of $89.24. The company has a market capitalization of $3,960.00, a price-to-earnings ratio of 15.88, a P/E/G ratio of 3.52 and a beta of 0.59.
Life Storage (NYSE:LSI) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $1.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.35 by ($0.02). Life Storage had a return on equity of 4.65% and a net margin of 17.79%. 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 firm earned $1.32 EPS. The business’s revenue was up 24.1% on a year-over-year basis. research analysts anticipate that Life Storage will post 5.31 earnings per share for the current fiscal year.
Life Storage declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 2nd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
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In other news, insider Paul T. Powell purchased 700 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were acquired at an average cost of $71.57 per share, for a total transaction of $50,099.00. Following the completion of the purchase, the insider now directly owns 44,996 shares in the company, valued at approximately $3,220,363.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Arthur L. Havener, Jr. purchased 990 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were purchased at an average price of $73.20 per share, for a total transaction of $72,468.00. Following the completion of the purchase, the director now owns 7,413 shares of the company’s stock, valued at $542,631.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 3,190 shares of company stock worth $230,042. Company insiders own 1.90% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Life Storage by 1.0% in the second quarter. BlackRock Inc. now owns 4,995,403 shares of the real estate investment trust’s stock valued at $370,160,000 after purchasing an additional 47,591 shares in the last quarter. Brookfield Asset Management Inc. lifted its holdings in shares of Life Storage by 12.1% in the second quarter. Brookfield Asset Management Inc. now owns 1,272,882 shares of the real estate investment trust’s stock valued at $94,321,000 after purchasing an additional 137,682 shares in the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Life Storage by 373.4% in the second quarter. Macquarie Group Ltd. now owns 709,252 shares of the real estate investment trust’s stock valued at $52,555,000 after purchasing an additional 559,428 shares in the last quarter. APG Asset Management US Inc. lifted its holdings in shares of Life Storage by 9.4% in the third quarter. APG Asset Management US Inc. now owns 671,000 shares of the real estate investment trust’s stock valued at $54,895,000 after purchasing an additional 57,500 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Life Storage by 4.0% in the second quarter. Dimensional Fund Advisors LP now owns 650,314 shares of the real estate investment trust’s stock valued at $48,189,000 after purchasing an additional 25,003 shares in the last quarter. Institutional investors own 96.83% of the company’s stock.
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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