Life Storage’s (LSI) “Hold” Rating Reaffirmed at KeyCorp
Several other research firms have also weighed in on LSI. B. Riley set a $70.00 target price on shares of Life Storage and gave the company a sell rating in a report on Tuesday, November 14th. Cantor Fitzgerald upped their target price on shares of Life Storage from $73.00 to $81.00 and gave the stock a neutral rating in a report on Friday, November 10th. BidaskClub raised shares of Life Storage from a buy rating to a strong-buy rating in a report on Tuesday, November 7th. Zacks Investment Research cut shares of Life Storage from a buy rating to a hold rating in a research report on Tuesday, November 7th. Finally, SunTrust Banks, Inc. reissued a hold rating and set a $75.00 price target on shares of Life Storage in a research report on Friday, November 3rd. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has issued 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 (NYSE LSI) traded down $1.02 during mid-day trading on Friday, reaching $88.68. 666,200 shares of the company were exchanged, compared to its average volume of 488,136. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.85. Life Storage has a one year low of $69.00 and a one year high of $89.85. The firm has a market cap of $4,126.88, a PE ratio of 16.76, a PEG ratio of 3.72 and a beta of 0.59.
Life Storage announced that its board has initiated a stock 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 leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Investors 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 4.51%. The ex-dividend date of this dividend was Thursday, October 12th. Life Storage’s dividend payout ratio (DPR) is presently 199.01%.
Hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of Life Storage by 1.0% in the 2nd quarter. BlackRock Inc. now owns 4,995,403 shares of the real estate investment trust’s stock valued at $370,160,000 after acquiring an additional 47,591 shares during the last quarter. Brookfield Asset Management Inc. grew its stake in Life Storage by 12.1% during the 2nd quarter. Brookfield Asset Management Inc. now owns 1,272,882 shares of the real estate investment trust’s stock worth $94,321,000 after buying an additional 137,682 shares during the last quarter. Land & Buildings Investment Management LLC bought a new position in Life Storage during the 3rd quarter worth $67,395,000. Macquarie Group Ltd. boosted its position in Life Storage by 8.8% during the 3rd quarter. Macquarie Group Ltd. now owns 771,796 shares of the real estate investment trust’s stock worth $63,141,000 after acquiring an additional 62,544 shares during the period. Finally, APG Asset Management US Inc. boosted its position in Life Storage by 9.4% during the 3rd quarter. APG Asset Management US Inc. now owns 671,000 shares of the real estate investment trust’s stock worth $54,895,000 after acquiring an additional 57,500 shares during the period. Institutional investors own 96.75% 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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