LaSalle Street Capital Management LLC Acquires 1,728 Shares of Life Storage, Inc. (LSI)
LaSalle Street Capital Management LLC grew its holdings in Life Storage, Inc. (NYSE:LSI) by 21.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,766 shares of the real estate investment trust’s stock after acquiring an additional 1,728 shares during the quarter. LaSalle Street Capital Management LLC’s holdings in Life Storage were worth $799,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. Macquarie Group Ltd. raised its stake 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 in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Life Storage by 53.2% in the third quarter. Russell Investments Group Ltd. now owns 244,628 shares of the real estate investment trust’s stock valued at $19,996,000 after buying an additional 84,965 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Life Storage by 8.2% in the third quarter. Bank of New York Mellon Corp now owns 664,629 shares of the real estate investment trust’s stock valued at $54,373,000 after buying an additional 50,363 shares during the period. Sei Investments Co. increased its stake in shares of Life Storage by 60.3% in the third quarter. Sei Investments Co. now owns 90,695 shares of the real estate investment trust’s stock valued at $7,419,000 after buying an additional 34,109 shares during the period. Finally, Courier Capital LLC increased its stake in shares of Life Storage by 272.9% in the third quarter. Courier Capital LLC now owns 62,806 shares of the real estate investment trust’s stock valued at $5,138,000 after buying an additional 45,963 shares during the period. 98.96% of the stock is owned by institutional investors.
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Several research analysts have recently issued reports on LSI shares. Jefferies Group LLC set a $72.00 price objective on Life Storage and gave the company a “hold” rating in a research note on Friday, August 18th. BidaskClub raised Life Storage from a “hold” rating to a “buy” rating in a research note on Monday, September 18th. KeyCorp reaffirmed a “hold” rating on shares of Life Storage in a research note on Thursday, October 12th. Zacks Investment Research downgraded Life Storage from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and issued a $78.00 price objective (down previously from $85.00) on shares of Life Storage in a research note on Saturday, July 22nd. Five research analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $78.79.
Life Storage, Inc. (NYSE:LSI) traded down $0.99 during trading on Friday, hitting $88.68. The company’s stock had a trading volume of 666,249 shares, compared to its average volume of 611,533. The company has a market cap of $4,126.90, a PE ratio of 16.76, a price-to-earnings-growth ratio of 3.72 and a beta of 0.59. Life Storage, Inc. has a 52-week low of $69.00 and a 52-week high of $89.85. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.19 and a quick ratio of 0.19.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Friday, October 13th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date of this dividend was Thursday, October 12th. Life Storage’s payout ratio is 199.01%.
Life Storage declared that its board has initiated a share repurchase 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 a sign that the company’s board believes its shares are undervalued.
In other Life Storage news, Director Arthur L. Havener, Jr. purchased 990 shares of the business’s stock in a transaction on Monday, August 21st. The shares were purchased at an average cost of $73.20 per share, for a total transaction of $72,468.00. Following the acquisition, the director now owns 7,413 shares of the company’s stock, valued at $542,631.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul T. Powell purchased 700 shares of the business’s stock in a transaction on Monday, August 21st. The shares were acquired at an average price of $71.57 per share, for a total transaction of $50,099.00. Following the completion of the acquisition, the insider now directly owns 44,996 shares in the company, valued at approximately $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 over the last 90 days. Company insiders own 1.90% of the company’s stock.
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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