Life Storage, Inc. (LSI) Rating Reiterated by KeyCorp
Life Storage, Inc. (NYSE:LSI)‘s stock had its “hold” rating reaffirmed by KeyCorp in a note issued to investors on Thursday.
A number of other research analysts also recently issued reports on LSI. Jefferies Group LLC reissued a “hold” rating and issued a $80.00 price objective on shares of Life Storage in a research note on Wednesday, June 14th. TheStreet downgraded Life Storage from a “b-” rating to a “c+” rating in a research note on Monday, June 19th. Bank of America Corporation dropped their price target on Life Storage from $82.00 to $76.00 and set a “neutral” rating on the stock in a research note on Thursday, July 20th. Wells Fargo & Company reissued a “market perform” rating and issued a $78.00 price objective (down from $85.00) on shares of Life Storage in a research note on Saturday, July 22nd. Finally, UBS AG reissued a “neutral” rating and issued a $75.00 price objective (down from $80.00) on shares of Life Storage in a research note on Thursday, August 3rd. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $77.91.
Shares of Life Storage (LSI) traded up 0.55% during mid-day trading on Thursday, hitting $80.85. The stock had a trading volume of 424,622 shares. The stock has a 50 day moving average price of $79.22 and a 200 day moving average price of $77.07. Life Storage has a 52 week low of $69.00 and a 52 week high of $89.24. The firm has a market cap of $3.75 billion, a PE ratio of 70.73 and a beta of 0.59.
Life Storage (NYSE:LSI) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share 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 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 revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.32 EPS. Equities research analysts expect that Life Storage will post $1.91 EPS for the current fiscal year.
Life Storage announced that its board has authorized a stock buyback plan on Wednesday, August 2nd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 5.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, CFO Andrew J. Gregoire acquired 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was bought at an average cost of $71.65 per share, for a total transaction of $107,475.00. Following the acquisition, the chief financial officer now directly owns 48,173 shares in the company, valued at $3,451,595.45. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the acquisition, the director now owns 7,413 shares in the company, valued at $542,631.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 3,190 shares of company stock worth $230,042. Insiders own 1.90% of the company’s stock.
A number of large investors have recently bought and sold shares of LSI. UBS Asset Management Americas Inc. grew its position 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. Parametric Portfolio Associates LLC grew its position in shares of Life Storage by 48.7% during the 1st quarter. Parametric Portfolio Associates LLC now owns 83,716 shares of the real estate investment trust’s stock valued at $6,875,000 after acquiring an additional 27,405 shares during the period. JPMorgan Chase & Co. grew its position in shares of Life Storage by 82.5% during the 1st quarter. JPMorgan Chase & Co. now owns 261,735 shares of the real estate investment trust’s stock valued at $21,494,000 after acquiring an additional 118,356 shares during the period. Prudential Financial Inc. grew its position in shares of Life Storage by 6.5% during the 1st quarter. Prudential Financial Inc. now owns 30,750 shares of the real estate investment trust’s stock valued at $2,525,000 after acquiring an additional 1,870 shares during the period. Finally, Neuberger Berman Group LLC grew its position in shares of Life Storage by 4.2% during the 1st quarter. Neuberger Berman Group LLC now owns 65,273 shares of the real estate investment trust’s stock valued at $5,360,000 after acquiring an additional 2,625 shares during the period. 96.83% of the stock is owned by institutional investors and hedge funds.
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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