Life Storage, Inc. (LSI) Updates Q4 Earnings Guidance
Life Storage, Inc. (NYSE:LSI) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $1.28-$1.32 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.33.
A number of research firms have recently commented on LSI. UBS AG reissued a neutral rating and set a $75.00 target price (down from $80.00) on shares of Life Storage in a research report on Wednesday, August 9th. Evercore ISI cut shares of Life Storage from an in-line rating to an underperform rating and reduced their target price for the stock from $77.00 to $71.00 in a research report on Monday, August 7th. Citigroup Inc. reissued a buy rating and set a $85.00 target price (down from $98.00) on shares of Life Storage in a research report on Thursday, August 10th. Cantor Fitzgerald reissued a hold rating and set a $73.00 target price on shares of Life Storage in a research report on Thursday, September 14th. Finally, KeyCorp reissued a hold rating on shares of Life Storage in a research report on Thursday, October 12th. Four 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. The company presently has an average rating of Hold and an average price target of $77.91.
Life Storage (NYSE:LSI) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.02). The firm had revenue of $132.78 million during 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 firm’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period last year, the business earned $1.32 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 26th. Investors of record on Friday, October 13th were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, October 12th. This represents a $4.00 annualized dividend and a yield of 4.95%. Life Storage’s dividend payout ratio (DPR) is currently 347.83%.
Life Storage declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 2nd that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, insider Paul T. Powell acquired 700 shares of the business’s stock in a transaction on Monday, August 21st. The stock was bought at an average cost of $71.57 per share, with a total value of $50,099.00. Following the completion of the acquisition, the insider now owns 44,996 shares in the company, valued at $3,220,363.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Andrew J. Gregoire acquired 1,500 shares of the business’s stock in a transaction on Monday, August 21st. The shares were bought at an average cost 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 approximately $3,451,595.45. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 3,190 shares of company stock valued at $230,042. Company insiders own 1.90% of the company’s stock.
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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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