Life Storage Inc (NYSE:LSI) Short Interest Down 12.3% in October

Life Storage Inc (NYSE:LSI) was the target of a significant decline in short interest in October. As of October 31st, there was short interest totalling 1,420,000 shares, a decline of 12.3% from the September 30th total of 1,620,000 shares. Currently, 3.1% of the company’s shares are short sold. Based on an average daily volume of 399,100 shares, the days-to-cover ratio is currently 3.6 days.

In related news, COO Edward F. Killeen sold 1,500 shares of Life Storage stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $105.06, for a total transaction of $157,590.00. Following the transaction, the chief operating officer now owns 26,998 shares of the company’s stock, valued at $2,836,409.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Andrew J. Gregoire sold 3,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $105.04, for a total value of $315,120.00. Following the completion of the transaction, the chief financial officer now directly owns 52,224 shares in the company, valued at approximately $5,485,608.96. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of LSI. 1 North Wealth Services LLC bought a new stake in shares of Life Storage in the 3rd quarter worth $30,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Life Storage in the 2nd quarter worth $28,000. AdvisorNet Financial Inc bought a new stake in shares of Life Storage in the 3rd quarter worth $46,000. Quadrant Capital Group LLC increased its holdings in shares of Life Storage by 121.7% in the 3rd quarter. Quadrant Capital Group LLC now owns 878 shares of the real estate investment trust’s stock worth $90,000 after purchasing an additional 482 shares in the last quarter. Finally, TRUE Private Wealth Advisors bought a new stake in shares of Life Storage in the 2nd quarter worth $85,000. 92.23% of the stock is owned by institutional investors.

A number of brokerages have weighed in on LSI. Stifel Nicolaus upgraded Life Storage from a “hold” rating to a “buy” rating and upped their target price for the stock from $106.00 to $114.00 in a research note on Thursday, October 31st. Raymond James increased their target price on Life Storage from $106.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, September 17th. Zacks Investment Research upgraded Life Storage from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Tuesday, October 15th. KeyCorp increased their price objective on Life Storage from $110.00 to $114.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, Jefferies Financial Group upgraded Life Storage from a “hold” rating to a “buy” rating and increased their price objective for the stock from $113.00 to $122.00 in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $110.00.

Shares of LSI traded down $0.16 on Friday, reaching $109.75. The stock had a trading volume of 387,775 shares, compared to its average volume of 472,043. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 5.08 and a beta of 0.31. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.28 and a current ratio of 0.28. The company has a 50-day simple moving average of $106.54 and a 200-day simple moving average of $101.27. Life Storage has a 12-month low of $89.54 and a 12-month high of $112.64.

Life Storage (NYSE:LSI) last released its earnings results on Wednesday, October 30th. The real estate investment trust reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $1.45 by ($0.60). Life Storage had a net margin of 54.38% and a return on equity of 14.85%. The firm had revenue of $145.63 million during the quarter, compared to analysts’ expectations of $146.77 million. During the same quarter in the previous year, the business earned $1.45 EPS. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts expect that Life Storage will post 5.61 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Tuesday, October 15th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date was Friday, October 11th. Life Storage’s dividend payout ratio (DPR) is presently 72.60%.

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 750 storage facilities in 28 states and Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.

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