Wells Fargo & Company reaffirmed their market perform rating on shares of Life Storage, Inc. (NYSE:LSI) in a report issued on Saturday, July 22nd. Wells Fargo & Company currently has a $78.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $85.00.
A number of other research analysts have also commented on LSI. Zacks Investment Research lowered shares of Life Storage from a hold rating to a sell rating in a research report on Monday, April 24th. FBR & Co set a $79.00 price objective on shares of Life Storage and gave the company a hold rating in a research report on Thursday, May 4th. Cantor Fitzgerald lowered shares of Life Storage from an overweight rating to a neutral rating and set a $78.00 price objective for the company. in a research report on Friday, May 5th. Bank of America Corporation lowered shares of Life Storage from a buy rating to a neutral rating and set a $82.00 price objective for the company. in a research report on Tuesday, May 9th. Finally, Citigroup Inc. reissued a buy rating and issued a $92.00 target price (down previously from $100.00) on shares of Life Storage in a research note on Sunday, May 14th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $80.73.
Life Storage (LSI) traded down 1.34% during trading on Friday, reaching $71.59. The company had a trading volume of 595,407 shares. The firm has a 50-day moving average price of $72.81 and a 200 day moving average price of $78.67. Life Storage has a 12-month low of $69.00 and a 12-month high of $95.05. The stock has a market cap of $3.32 billion, a P/E ratio of 62.63 and a beta of 0.56.
Life Storage (NYSE:LSI) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $1.33 EPS for the quarter, missing the Zacks’ consensus estimate of $1.35 by $0.02. The company had revenue of $132.78 million for the quarter, compared to analyst estimates of $132.62 million. Life Storage had a net margin of 10.28% and a return on equity of 2.56%. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.32 EPS. Equities research analysts predict that Life Storage will post $1.87 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Monday, July 17th were paid a dividend of $1.00 per share. The ex-dividend date was Thursday, July 13th. This represents a $4.00 annualized dividend and a yield of 5.59%. Life Storage’s dividend payout ratio is 347.83%.
A number of hedge funds have recently modified their holdings of LSI. BlackRock Inc. boosted its stake in shares of 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 buying an additional 4,860,192 shares in the last quarter. Brookfield Asset Management Inc. boosted its stake in shares of Life Storage by 423.6% in the first quarter. Brookfield Asset Management Inc. now owns 1,135,200 shares of the real estate investment trust’s stock valued at $93,223,000 after buying an additional 918,400 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Life Storage by 28.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,647,175 shares of the real estate investment trust’s stock valued at $217,386,000 after buying an additional 580,486 shares in the last quarter. Macquarie Group Ltd. boosted its stake in shares of Life Storage by 373.4% in the second quarter. Macquarie Group Ltd. now owns 709,252 shares of the real estate investment trust’s stock valued at $52,555,000 after buying an additional 559,428 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Life Storage by 50.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,466,964 shares of the real estate investment trust’s stock valued at $120,467,000 after buying an additional 491,689 shares in the last quarter. 96.56% of the stock is currently owned by hedge funds and other 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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