Evercore ISI Cuts Life Storage (NYSE:LSI) Price Target to $135.00

Life Storage (NYSE:LSIGet Rating) had its price target trimmed by Evercore ISI from $138.00 to $135.00 in a report released on Monday, The Fly reports. The brokerage currently has an in-line rating on the real estate investment trust’s stock.

LSI has been the subject of a number of other reports. Citigroup boosted their target price on shares of Life Storage to $154.00 in a report on Monday, August 22nd. Jefferies Financial Group cut their price objective on shares of Life Storage from $166.00 to $127.00 and set a buy rating on the stock in a report on Thursday, June 30th. Truist Financial upped their price objective on shares of Life Storage from $132.00 to $138.00 and gave the company a hold rating in a report on Monday, August 15th. KeyCorp cut their price objective on shares of Life Storage from $160.00 to $144.00 and set an overweight rating on the stock in a report on Thursday, June 16th. Finally, Bank of America downgraded shares of Life Storage from a buy rating to a neutral rating and cut their price objective for the company from $141.00 to $133.00 in a report on Tuesday, June 21st. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Life Storage currently has a consensus rating of Hold and a consensus price target of $144.45.

Life Storage Stock Down 1.1 %

NYSE:LSI opened at $112.79 on Monday. Life Storage has a 1-year low of $100.66 and a 1-year high of $154.45. The company has a 50-day moving average of $126.03 and a 200 day moving average of $125.16. The firm has a market cap of $9.52 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 4.93 and a beta of 0.59. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.45 and a quick ratio of 0.45.

Life Storage (NYSE:LSIGet Rating) last announced its earnings results on Wednesday, August 3rd. The real estate investment trust reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.44). Life Storage had a return on equity of 9.20% and a net margin of 33.90%. During the same quarter in the prior year, the company earned $1.20 earnings per share. As a group, research analysts anticipate that Life Storage will post 6.39 EPS for the current fiscal year.

Life Storage Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 26th. Investors of record on Friday, July 15th were given a $1.08 dividend. The ex-dividend date was Thursday, July 14th. This represents a $4.32 dividend on an annualized basis and a yield of 3.83%. This is a positive change from Life Storage’s previous quarterly dividend of $1.00. Life Storage’s dividend payout ratio is currently 114.89%.

Insider Activity

In related news, CEO Joseph Saffire sold 5,044 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $131.22, for a total transaction of $661,873.68. Following the sale, the chief executive officer now owns 61,305 shares in the company, valued at $8,044,442.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Life Storage

A number of hedge funds have recently bought and sold shares of the business. Level Four Advisory Services LLC lifted its position in shares of Life Storage by 3.6% during the 4th quarter. Level Four Advisory Services LLC now owns 2,354 shares of the real estate investment trust’s stock valued at $361,000 after buying an additional 82 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Life Storage by 2.5% during the second quarter. Commonwealth Equity Services LLC now owns 3,644 shares of the real estate investment trust’s stock worth $406,000 after purchasing an additional 90 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Life Storage by 70.8% during the first quarter. Fifth Third Bancorp now owns 222 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 92 shares in the last quarter. Commerce Bank raised its position in shares of Life Storage by 2.0% during the 1st quarter. Commerce Bank now owns 5,017 shares of the real estate investment trust’s stock worth $705,000 after purchasing an additional 97 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in Life Storage by 0.4% in the 2nd quarter. Truist Financial Corp now owns 28,726 shares of the real estate investment trust’s stock valued at $3,208,000 after buying an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 91.03% of the company’s stock.

Life Storage Company Profile

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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 900 storage facilities in 30 states and in the province of Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.

Further Reading

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