Life Storage, Inc. (LSI) Upgraded to Buy at Zacks Investment Research
Life Storage, Inc. (NYSE:LSI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage currently has a $94.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.56% from the stock’s previous close.
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 research firms also recently weighed in on LSI. DA Davidson upped their target price on Life Storage to $85.00 and gave the stock a “neutral” rating in a research report on Friday. KeyCorp restated a “hold” rating on shares of Life Storage in a research report on Thursday, October 12th. BidaskClub upgraded Life Storage from a “hold” rating to a “buy” rating in a research report on Monday, September 18th. BMO Capital Markets restated a “sell” rating and issued a $73.00 target price on shares of Life Storage in a research report on Thursday. Finally, Bank of America Corporation downgraded Life Storage from a “neutral” rating to an “underperform” rating and upped their target price for the stock from $73.00 to $77.00 in a research report on Monday, September 25th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $78.85.
Shares of Life Storage (LSI) traded up $1.00 during mid-day trading on Friday, reaching $85.02. The company had a trading volume of 565,204 shares, compared to its average volume of 505,363. The company has a market cap of $3,960.00, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 3.52 and a beta of 0.59. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.19 and a quick ratio of 0.23. Life Storage has a 1-year low of $69.00 and a 1-year high of $89.24.
Life Storage (NYSE:LSI) last released its earnings results 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 during the quarter, compared to analyst estimates of $132.62 million. Life Storage had a return on equity of 4.65% and a net margin of 17.79%. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter last year, the company earned $1.32 earnings per share. sell-side analysts forecast that Life Storage will post 5.31 EPS for the current fiscal year.
Life Storage announced that its Board of Directors has approved a share repurchase 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 reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
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In other news, insider Paul T. Powell bought 700 shares of the business’s stock in a transaction on Monday, August 21st. The shares were bought 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 $3,220,363.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Arthur L. Havener, Jr. bought 990 shares of the business’s stock in a transaction on Monday, August 21st. The shares were purchased at an average cost of $73.20 per share, for a total transaction of $72,468.00. Following the completion of the purchase, the director now owns 7,413 shares in the company, valued at $542,631.60. The disclosure for this purchase can be found here. Insiders have bought a total of 3,190 shares of company stock valued at $230,042 in the last quarter. Insiders own 1.90% of the company’s stock.
A number of large investors have recently made changes to their positions in LSI. Macquarie Group Ltd. raised its stake in Life Storage by 373.4% during the 2nd quarter. Macquarie Group Ltd. now owns 709,252 shares of the real estate investment trust’s stock valued at $52,555,000 after purchasing an additional 559,428 shares during the period. Prudential Financial Inc. raised its stake in Life Storage by 840.0% during the 3rd quarter. Prudential Financial Inc. now owns 299,983 shares of the real estate investment trust’s stock valued at $24,542,000 after purchasing an additional 268,070 shares during the period. Brookfield Asset Management Inc. raised its stake in Life Storage by 12.1% during the 2nd quarter. Brookfield Asset Management Inc. now owns 1,272,882 shares of the real estate investment trust’s stock valued at $94,321,000 after purchasing an additional 137,682 shares during the period. Aviva PLC raised its stake in Life Storage by 137.7% during the 2nd quarter. Aviva PLC now owns 206,282 shares of the real estate investment trust’s stock valued at $15,281,000 after purchasing an additional 119,495 shares during the period. Finally, Westpac Banking Corp acquired a new stake in Life Storage during the 3rd quarter valued at $7,290,000. 96.83% of the stock is currently owned by institutional investors.
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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