Zacks Investment Research Lowers Life Storage (NYSE:LSI) to Hold

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Zacks Investment Research cut shares of Life Storage (NYSE:LSI) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

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 analysts have also weighed in on the company. Stifel Nicolaus began coverage on Life Storage in a research note on Monday, August 19th. They issued a hold rating and a $106.00 target price for the company. Robert W. Baird upgraded Life Storage from an underperform rating to a neutral rating and lifted their price objective for the stock from $92.00 to $101.00 in a research report on Wednesday, August 21st. KeyCorp lifted their price objective on Life Storage from $106.00 to $110.00 and gave the stock an overweight rating in a research report on Monday, August 5th. Finally, Raymond James lifted their price objective on Life Storage from $106.00 to $110.00 and gave the stock an outperform rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. Life Storage has a consensus rating of Hold and a consensus target price of $109.00.

Shares of NYSE:LSI traded up $2.03 during midday trading on Thursday, reaching $106.77. The company’s stock had a trading volume of 680,508 shares, compared to its average volume of 358,733. Life Storage has a fifty-two week low of $88.92 and a fifty-two week high of $107.90. The company has a market capitalization of $4.93 billion, a P/E ratio of 19.38, a P/E/G ratio of 4.91 and a beta of 0.33. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.63 and a quick ratio of 0.63. The business’s fifty day simple moving average is $104.97 and its 200-day simple moving average is $99.44.

Life Storage (NYSE:LSI) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.54). Life Storage had a net margin of 37.17% and a return on equity of 10.21%. The business had revenue of $145.00 million during the quarter, compared to analyst estimates of $142.96 million. During the same quarter last year, the business posted $1.39 earnings per share. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, analysts forecast that Life Storage will post 5.6 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Tuesday, October 15th will be given a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $4.00 dividend on an annualized basis and a yield of 3.75%. Life Storage’s payout ratio is 72.60%.

In other news, CFO Andrew J. Gregoire sold 3,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $105.04, for a total transaction of $315,120.00. Following the completion of the transaction, the chief financial officer now directly owns 52,224 shares in the company, valued at approximately $5,485,608.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Edward F. Killeen sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $105.06, for a total value of $157,590.00. Following the transaction, the chief operating officer now owns 26,998 shares of the company’s stock, valued at $2,836,409.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,500 shares of company stock valued at $679,690. Corporate insiders own 0.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of LSI. PGGM Investments acquired a new position in shares of Life Storage during the 2nd quarter worth about $227,266,000. Long Pond Capital LP acquired a new position in shares of Life Storage during the 2nd quarter worth about $53,694,000. Nuveen Asset Management LLC grew its position in shares of Life Storage by 232.0% during the 2nd quarter. Nuveen Asset Management LLC now owns 774,147 shares of the real estate investment trust’s stock worth $73,606,000 after buying an additional 540,976 shares during the period. Northern Trust Corp grew its position in shares of Life Storage by 47.1% during the 1st quarter. Northern Trust Corp now owns 924,685 shares of the real estate investment trust’s stock worth $89,944,000 after buying an additional 296,148 shares during the period. Finally, Echo Street Capital Management LLC grew its position in shares of Life Storage by 57.5% during the 2nd quarter. Echo Street Capital Management LLC now owns 428,620 shares of the real estate investment trust’s stock worth $40,753,000 after buying an additional 156,414 shares during the period. Institutional investors own 92.77% of the company’s stock.

Life Storage Company 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.

Further Reading: Support Level

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