Life Storage, Inc. (LSI) Downgraded by Bank of America Corporation to Underperform
Life Storage, Inc. (NYSE:LSI) was downgraded by stock analysts at Bank of America Corporation from a “neutral” rating to an “underperform” rating in a research note issued on Monday, Marketbeat reports. They currently have a $77.00 price target on the real estate investment trust’s stock, up from their previous price target of $73.00. Bank of America Corporation’s price objective suggests a potential downside of 4.58% from the company’s current price.
A number of other brokerages have also recently weighed in on LSI. BidaskClub upgraded shares of Life Storage from a “hold” rating to a “buy” rating in a report on Monday, September 18th. Evercore ISI restated an “underperform” rating and set a $76.00 target price (up from $71.00) on shares of Life Storage in a report on Thursday, September 14th. Cantor Fitzgerald restated a “hold” rating and set a $73.00 target price on shares of Life Storage in a report on Thursday, September 14th. BMO Capital Markets assumed coverage on shares of Life Storage in a report on Monday, September 11th. They set an “underperform” rating and a $73.00 target price for the company. Finally, FBR & Co cut shares of Life Storage from a “neutral” rating to a “sell” rating and set a $70.00 target price for the company. in a report on Tuesday, September 12th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $77.91.
Life Storage (NYSE:LSI) traded up 0.92% during midday trading on Monday, reaching $81.44. The company had a trading volume of 373,999 shares. Life Storage has a 52-week low of $69.00 and a 52-week high of $95.05. The company has a market capitalization of $3.78 billion, a P/E ratio of 71.25 and a beta of 0.57. The company’s 50 day moving average is $75.22 and its 200-day moving average is $77.38.
Life Storage (NYSE:LSI) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.35 by ($0.02). The business had revenue of $132.78 million for the quarter, compared to the consensus estimate of $132.62 million. Life Storage had a return on equity of 2.56% and a net margin of 10.28%. The company’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.32 earnings per share. Equities analysts expect that Life Storage will post $1.91 earnings per share for the current fiscal year.
Life Storage declared that its board has approved a share repurchase program on Wednesday, August 2nd that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the real estate investment trust to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
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In other news, Director Arthur L. Havener, Jr. acquired 990 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was purchased at an average price of $73.20 per share, with a total value of $72,468.00. Following the purchase, the director now owns 7,413 shares of the company’s stock, valued at approximately $542,631.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul T. Powell acquired 700 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was purchased at an average cost of $71.57 per share, with a total value of $50,099.00. Following the purchase, the insider now directly owns 44,996 shares in the company, valued at approximately $3,220,363.72. The disclosure for this purchase can be found here. Insiders purchased a total of 3,190 shares of company stock valued at $230,042 in the last ninety days. Company insiders own 1.90% of the company’s stock.
A number of institutional investors have recently bought and sold shares of LSI. Comerica Bank boosted its stake in Life Storage by 4.6% in the 1st quarter. Comerica Bank now owns 35,763 shares of the real estate investment trust’s stock worth $2,848,000 after purchasing an additional 1,586 shares during the period. Swiss National Bank boosted its stake in Life Storage by 0.7% in the 1st quarter. Swiss National Bank now owns 76,755 shares of the real estate investment trust’s stock worth $6,303,000 after purchasing an additional 500 shares during the period. World Asset Management Inc boosted its stake in Life Storage by 10.9% in the 1st quarter. World Asset Management Inc now owns 3,130 shares of the real estate investment trust’s stock worth $257,000 after purchasing an additional 308 shares during the period. UBS Asset Management Americas Inc. boosted its stake in Life Storage by 19.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 89,919 shares of the real estate investment trust’s stock worth $7,384,000 after purchasing an additional 14,623 shares during the period. Finally, Karp Capital Management Corp acquired a new position in Life Storage in the 1st quarter worth approximately $2,112,000. 96.83% of the stock is 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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