$136.11 Million in Sales Expected for Life Storage, Inc. (NYSE:LSI) This Quarter
Brokerages forecast that Life Storage, Inc. (NYSE:LSI) will post sales of $136.11 million for the current quarter, Zacks reports. Six analysts have issued estimates for Life Storage’s earnings, with estimates ranging from $133.25 million to $140.31 million. Life Storage reported sales of $127.80 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.5%. The business is scheduled to report its next quarterly earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that Life Storage will report full-year sales of $136.11 million for the current year, with estimates ranging from $520.21 million to $562.00 million. For the next financial year, analysts expect that the company will report sales of $571.99 million per share, with estimates ranging from $539.87 million to $663.00 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Life Storage.
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 analysts’ consensus estimates of $1.35 by $0.02. The firm had revenue of $132.78 million for the quarter, compared to analysts’ expectations of $132.62 million. Life Storage had a return on equity of 2.56% and a net margin of 10.28%. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.32 earnings per share.
Several analysts have issued reports on LSI shares. Cantor Fitzgerald downgraded Life Storage from an “overweight” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a report on Friday, May 5th. TheStreet downgraded Life Storage from a “b-” rating to a “c+” rating in a report on Monday, June 19th. Zacks Investment Research upgraded Life Storage from a “sell” rating to a “hold” rating in a report on Wednesday, May 24th. Wells Fargo & Company restated a “market perform” rating and set a $78.00 price objective (down previously from $85.00) on shares of Life Storage in a report on Saturday, July 22nd. Finally, UBS AG restated a “neutral” rating and set a $75.00 price objective (down previously from $80.00) on shares of Life Storage in a report on Thursday. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $88.00.
Shares of Life Storage (LSI) opened at 72.52 on Monday. Life Storage has a one year low of $69.92 and a one year high of $100.77. The stock’s 50 day moving average is $73.95 and its 200-day moving average is $79.50. The stock has a market capitalization of $3.36 billion, a P/E ratio of 63.45 and a beta of 0.56.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Monday, July 17th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 5.52%. Life Storage’s dividend payout ratio is 347.83%.
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In other Life Storage news, insider Paul T. Powell bought 700 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were bought at an average price of $73.04 per share, for a total transaction of $51,128.00. Following the acquisition, the insider now directly owns 44,296 shares of the company’s stock, valued at $3,235,379.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Life Storage by 5,546.9% in the first quarter. BlackRock Inc. now owns 4,947,812 shares of the real estate investment trust’s stock worth $406,317,000 after buying an additional 4,860,192 shares in the last quarter. Brookfield Asset Management Inc. increased its position in Life Storage by 423.6% in the first quarter. Brookfield Asset Management Inc. now owns 1,135,200 shares of the real estate investment trust’s stock worth $93,223,000 after buying an additional 918,400 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Life Storage by 28.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,647,175 shares of the real estate investment trust’s stock worth $217,386,000 after buying an additional 580,486 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Life Storage by 50.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,466,964 shares of the real estate investment trust’s stock worth $120,467,000 after buying an additional 491,689 shares in the last quarter. Finally, RidgeWorth Capital Management LLC increased its position in Life Storage by 43.2% in the first quarter. RidgeWorth Capital Management LLC now owns 689,600 shares of the real estate investment trust’s stock worth $56,630,000 after buying an additional 208,175 shares in the last quarter. Hedge funds and other institutional investors own 96.81% 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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