California Public Employees Retirement System decreased its stake in shares of Life Storage Inc (NYSE:LSI) by 8.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 76,620 shares of the real estate investment trust’s stock after selling 7,166 shares during the period. California Public Employees Retirement System’s holdings in Life Storage were worth $7,453,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of LSI. Norges Bank purchased a new stake in Life Storage during the 4th quarter worth about $44,902,000. Vanguard Group Inc increased its holdings in Life Storage by 5.1% during the 3rd quarter. Vanguard Group Inc now owns 7,276,424 shares of the real estate investment trust’s stock worth $692,424,000 after purchasing an additional 354,370 shares during the period. Daiwa Securities Group Inc. increased its holdings in Life Storage by 14.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,672,431 shares of the real estate investment trust’s stock worth $155,519,000 after purchasing an additional 216,317 shares during the period. WINTON GROUP Ltd purchased a new stake in Life Storage during the 4th quarter worth about $16,884,000. Finally, BlackRock Inc. increased its holdings in Life Storage by 2.4% during the 4th quarter. BlackRock Inc. now owns 5,657,678 shares of the real estate investment trust’s stock worth $526,106,000 after purchasing an additional 132,304 shares during the period. Institutional investors own 98.36% of the company’s stock.
Several brokerages have weighed in on LSI. Zacks Investment Research upgraded Life Storage from a “sell” rating to a “hold” rating in a report on Friday, May 3rd. Evercore ISI upgraded Life Storage from an “underperform” rating to an “in-line” rating and set a $100.00 price target on the stock in a report on Monday, May 20th. Bank of America downgraded Life Storage from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $105.00 to $99.00 in a report on Friday, March 8th. Finally, ValuEngine cut Life Storage from a “buy” rating to a “hold” rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $98.13.
Life Storage (NYSE:LSI) last released its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by ($0.58). The business had revenue of $136.52 million for the quarter, compared to analyst estimates of $136.41 million. Life Storage had a return on equity of 10.17% and a net margin of 37.37%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.27 earnings per share. As a group, research analysts forecast that Life Storage Inc will post 5.59 earnings per share for the current year.
In related news, Director David L. Rogers sold 10,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $96.12, for a total value of $961,200.00. Following the completion of the sale, the director now directly owns 120,000 shares of the company’s stock, valued at approximately $11,534,400. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur L. Havener, Jr. sold 598 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $95.77, for a total value of $57,270.46. Following the completion of the sale, the director now directly owns 6,728 shares of the company’s stock, valued at $644,340.56. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
Life Storage Profile
Life Storage, Inc is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. Located in Buffalo, New York, the Company operates more than 750 storage facilities in 28 states and Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.
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