Life Storage, Inc. (LSI) Upgraded to Strong-Buy by BidaskClub
BidaskClub upgraded shares of Life Storage, Inc. (NYSE:LSI) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday morning.
Several other equities analysts have also recently issued reports on the company. Zacks Investment Research cut Life Storage from a buy rating to a hold rating in a research report on Tuesday. SunTrust Banks, Inc. restated a hold rating and issued a $75.00 price target on shares of Life Storage in a research report on Friday, November 3rd. B. Riley restated a sell rating on shares of Life Storage in a research report on Wednesday, November 1st. DA Davidson boosted their price target on Life Storage to $85.00 and gave the company a neutral rating in a research report on Friday, November 3rd. Finally, KeyCorp restated a hold rating on shares of Life Storage in a research report on Thursday, October 12th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Life Storage currently has an average rating of Hold and a consensus target price of $78.85.
Life Storage (NYSE:LSI) traded up $1.47 during trading on Tuesday, hitting $88.44. The stock had a trading volume of 273,942 shares, compared to its average volume of 530,412. Life Storage has a fifty-two week low of $69.00 and a fifty-two week high of $89.24. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.19 and a quick ratio of 0.23. The stock has a market cap of $4,013.80, a P/E ratio of 16.30, a P/E/G ratio of 3.62 and a beta of 0.59.
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Life Storage declared that its board has initiated a stock buyback program on Wednesday, August 2nd that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire up to 5.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Friday, October 13th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend was Thursday, October 12th. Life Storage’s payout ratio is 199.01%.
In other news, Director Arthur L. Havener, Jr. purchased 990 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were acquired at an average price of $73.20 per share, with a total value of $72,468.00. Following the purchase, the director now directly owns 7,413 shares of the company’s stock, valued at $542,631.60. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul T. Powell purchased 700 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were purchased at an average cost of $71.57 per share, for a total transaction 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 disclosure for this purchase can be found here. Insiders have acquired a total of 3,190 shares of company stock worth $230,042 in the last quarter. 1.90% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in shares of Life Storage by 9.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,414 shares of the real estate investment trust’s stock worth $116,000 after acquiring an additional 124 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of Life Storage by 14.9% during the 2nd quarter. Advisor Group Inc. now owns 2,986 shares of the real estate investment trust’s stock worth $221,000 after acquiring an additional 387 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Life Storage during the 2nd quarter worth approximately $222,000. Paragon Capital Management Ltd purchased a new stake in shares of Life Storage during the 2nd quarter worth approximately $232,000. Finally, Perigon Wealth Management LLC boosted its stake in shares of Life Storage by 34.0% during the 2nd quarter. Perigon Wealth Management LLC now owns 3,150 shares of the real estate investment trust’s stock worth $233,000 after acquiring an additional 800 shares in the last quarter. 99.16% of the stock is currently owned by institutional investors and hedge funds.
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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