B. Riley Analysts Give Life Storage, Inc. (LSI) a $70.00 Price Target
Several other analysts also recently commented on the company. BMO Capital Markets reaffirmed a sell rating and set a $73.00 price objective on shares of Life Storage in a research note on Thursday, November 2nd. DA Davidson raised their price objective on Life Storage to $85.00 and gave the company a neutral rating in a report on Friday, November 3rd. Zacks Investment Research upgraded shares of Life Storage from a hold rating to a buy rating and set a $94.00 price target for the company in a research report on Friday, November 3rd. BidaskClub downgraded shares of Life Storage from a hold rating to a sell rating in a research report on Saturday, September 2nd. 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 assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Life Storage has an average rating of Hold and an average target price of $78.79.
Life Storage (NYSE LSI) traded down $1.02 during midday trading on Tuesday, hitting $88.68. The company had a trading volume of 666,249 shares, compared to its average volume of 488,137. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.85. The firm has a market cap of $4,154.34, a PE ratio of 16.88, a PEG ratio of 3.75 and a beta of 0.59. Life Storage has a fifty-two week low of $69.00 and a fifty-two week high of $89.85.
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Life Storage declared that its Board of Directors 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 repurchase up to 5.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Stockholders of record on Friday, October 13th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Thursday, October 12th. Life Storage’s payout ratio is presently 199.01%.
In other news, insider Paul T. Powell bought 700 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was purchased at an average cost of $71.57 per share, with a total value of $50,099.00. Following the acquisition, the insider now directly owns 44,996 shares in the company, valued at $3,220,363.72. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur L. Havener, Jr. purchased 990 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was bought at an average cost of $73.20 per share, for a total transaction of $72,468.00. Following the purchase, the director now directly owns 7,413 shares in the company, valued at approximately $542,631.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 3,190 shares of company stock worth $230,042. 1.90% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in Life Storage by 1.0% in the second quarter. BlackRock Inc. now owns 4,995,403 shares of the real estate investment trust’s stock valued at $370,160,000 after purchasing an additional 47,591 shares in the last quarter. Brookfield Asset Management Inc. raised its position in Life Storage by 12.1% in the second quarter. Brookfield Asset Management Inc. now owns 1,272,882 shares of the real estate investment trust’s stock worth $94,321,000 after acquiring an additional 137,682 shares in the last quarter. Land & Buildings Investment Management LLC acquired a new stake in Life Storage in the third quarter valued at $67,395,000. Macquarie Group Ltd. grew its holdings in Life Storage by 8.8% in the third quarter. Macquarie Group Ltd. now owns 771,796 shares of the real estate investment trust’s stock valued at $63,141,000 after purchasing an additional 62,544 shares during the last quarter. Finally, APG Asset Management US Inc. boosted its stake in shares of Life Storage by 9.4% during the third quarter. APG Asset Management US Inc. now owns 671,000 shares of the real estate investment trust’s stock valued at $54,895,000 after acquiring an additional 57,500 shares during the last quarter. 98.96% of the stock is 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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