Life Storage, Inc. (NYSE:LSI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Life Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust which acquires and manages self-storage properties. The company’s brand name consists of Life Storage(R) and Uncle Bob’s Self Storage(R). Life Storage, Inc., formerly known as Sovran Self Storage, Inc., is headquartered in Buffalo, New York. “

A number of other brokerages have also recently issued reports on LSI. BidaskClub upgraded shares of Life Storage from a “hold” rating to a “buy” rating in a research report on Monday, September 18th. Bank of America Corporation cut shares of Life Storage from a “neutral” rating to an “underperform” rating and lifted their target price for the stock from $73.00 to $77.00 in a research report on Monday, September 25th. Evercore ISI restated an “underperform” rating and set a $76.00 target price (up previously from $71.00) on shares of Life Storage in a research 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 research report on Thursday, September 14th. 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 research report on Tuesday, September 12th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $77.91.

Shares of Life Storage (NYSE LSI) traded up 0.56% during mid-day trading on Wednesday, reaching $81.35. 371,604 shares of the company traded hands. The stock’s 50-day moving average is $77.91 and its 200-day moving average is $77.16. The company has a market capitalization of $3.77 billion, a P/E ratio of 71.17 and a beta of 0.59. Life Storage has a 52 week low of $69.00 and a 52 week high of $89.24.

Life Storage (NYSE:LSI) last announced its earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.02). The business had revenue of $132.78 million for the quarter, compared to analyst estimates of $132.62 million. Life Storage had a return on equity of 2.56% and a net margin of 10.28%. The business’s revenue was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.32 EPS. On average, equities analysts predict that Life Storage will post $1.91 EPS for the current fiscal year.

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

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In other news, Director Arthur L. Havener, Jr. purchased 990 shares of the stock in a transaction dated Monday, August 21st. The stock was acquired at an average cost of $73.20 per share, for a total transaction of $72,468.00. Following the completion of the acquisition, the director now directly owns 7,413 shares in the company, valued at approximately $542,631.60. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Andrew J. Gregoire purchased 1,500 shares of the stock in a transaction dated Monday, August 21st. The shares were purchased at an average price of $71.65 per share, with a total value of $107,475.00. Following the completion of the acquisition, the chief financial officer now owns 48,173 shares of the company’s stock, valued at $3,451,595.45. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 3,190 shares of company stock valued at $230,042. Insiders own 1.90% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings 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 valued at $406,317,000 after purchasing an additional 4,860,192 shares during the period. Eii Capital Management Inc. grew its holdings in Life Storage by 1.4% in the second quarter. Eii Capital Management Inc. now owns 59,500 shares of the real estate investment trust’s stock valued at $4,409,000 after purchasing an additional 800 shares during the period. Bank of New York Mellon Corp grew its holdings in Life Storage by 1.9% in the second quarter. Bank of New York Mellon Corp now owns 614,266 shares of the real estate investment trust’s stock valued at $45,518,000 after purchasing an additional 11,699 shares during the period. BNP Paribas Arbitrage SA grew its holdings in Life Storage by 19.9% in the second quarter. BNP Paribas Arbitrage SA now owns 32,017 shares of the real estate investment trust’s stock valued at $2,372,000 after purchasing an additional 5,316 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its holdings in Life Storage by 11.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 60,085 shares of the real estate investment trust’s stock valued at $4,452,000 after purchasing an additional 6,042 shares during the period. Institutional investors and hedge funds own 96.83% of the company’s stock.

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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Analyst Recommendations for Life Storage (NYSE:LSI)

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