Life Storage’s (LSI) “Sell” Rating Reaffirmed at B. Riley

B. Riley restated their sell rating on shares of Life Storage, Inc. (NYSE:LSI) in a research note released on Wednesday.

Several other equities research analysts have also recently commented on LSI. Bank of America Corporation lowered their price target on shares of Life Storage from $82.00 to $76.00 and set a neutral rating for the company in a research report on Thursday, July 20th. Wells Fargo & Company reiterated a market perform rating and set a $78.00 price target (down previously from $85.00) on shares of Life Storage in a research report on Saturday, July 22nd. UBS AG reiterated a neutral rating and set a $75.00 price target (down previously from $80.00) on shares of Life Storage in a research report on Thursday, August 3rd. Evercore ISI cut shares of Life Storage from an in-line rating to an underperform rating and lowered their price target for the stock from $77.00 to $71.00 in a research report on Monday, August 7th. Finally, Citigroup Inc. reiterated a buy rating and set a $85.00 price target (down previously from $98.00) on shares of Life Storage in a research report on Thursday, August 10th. Five investment 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. The stock presently has an average rating of Hold and an average target price of $78.85.

Shares of Life Storage (LSI) opened at $85.02 on Wednesday. Life Storage has a 1 year low of $69.00 and a 1 year high of $89.24. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.23 and a current ratio of 0.19. The company has a market cap of $3,956.58, a P/E ratio of 16.07, a PEG ratio of 3.56 and a beta of 0.59.

Life Storage (NYSE:LSI) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 EPS for the quarter, missing the 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 business had revenue of $132.78 million for the quarter, compared to analyst estimates of $132.62 million. During the same quarter in the prior year, the firm earned $1.32 EPS. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. research analysts expect that Life Storage will post 5.3 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Stockholders of record on Friday, October 13th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend was Thursday, October 12th. Life Storage’s dividend payout ratio (DPR) is presently 199.01%.

Life Storage announced that its Board of Directors has approved a share buyback program on Wednesday, August 2nd that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

In other news, Director Arthur L. Havener, Jr. purchased 990 shares of the company’s stock in a transaction on Monday, August 21st. The shares were purchased 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 owns 7,413 shares of the company’s stock, valued at approximately $542,631.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul T. Powell purchased 700 shares of the company’s stock in a transaction on Monday, August 21st. The shares were purchased at an average cost of $71.57 per share, for a total transaction of $50,099.00. Following the completion of the transaction, the insider now directly owns 44,996 shares of the company’s stock, valued at approximately $3,220,363.72. The disclosure for this purchase can be found here. In the last three months, insiders bought 3,190 shares of company stock worth $230,042. 1.90% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of LSI. Macquarie Group Ltd. raised its position in Life Storage by 373.4% during the second quarter. Macquarie Group Ltd. now owns 709,252 shares of the real estate investment trust’s stock worth $52,555,000 after acquiring an additional 559,428 shares in the last quarter. Prudential Financial Inc. raised its position in Life Storage by 840.0% during the third quarter. Prudential Financial Inc. now owns 299,983 shares of the real estate investment trust’s stock worth $24,542,000 after acquiring an additional 268,070 shares in the last quarter. Brookfield Asset Management Inc. raised its position in Life Storage by 12.1% during the second quarter. Brookfield Asset Management Inc. now owns 1,272,882 shares of the real estate investment trust’s stock worth $94,321,000 after acquiring an additional 137,682 shares in the last quarter. Aviva PLC raised its position in Life Storage by 137.7% during the second quarter. Aviva PLC now owns 206,282 shares of the real estate investment trust’s stock worth $15,281,000 after acquiring an additional 119,495 shares in the last quarter. Finally, Westpac Banking Corp bought a new stake in Life Storage during the third quarter worth $7,290,000. 96.83% of the stock is currently owned by hedge funds and other institutional investors.

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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