Life Storage, Inc. (NYSE:LSI) had its price target raised by Cantor Fitzgerald from $73.00 to $81.00 in a research report sent to investors on Friday. Cantor Fitzgerald currently has a neutral rating on the real estate investment trust’s stock.
Several other analysts have also commented on the stock. Bank of America Corporation lowered their price target on shares of Life Storage from $82.00 to $76.00 and set a neutral rating on the stock in a research report on Thursday, July 20th. Evercore ISI restated an underperform rating and set a $76.00 target price (up previously from $71.00) on shares of Life Storage in a research report on Thursday, September 14th. BidaskClub upgraded shares of Life Storage from a hold rating to a buy rating in a research report on Monday, September 18th. Zacks Investment Research upgraded shares of Life Storage from a sell rating to a hold rating in a research report on Wednesday, October 4th. Finally, BMO Capital Markets began coverage on shares of Life Storage in a research report on Monday, September 11th. They set an underperform rating and a $73.00 target price on the stock. Five equities 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 issued a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $79.46.
Life Storage (NYSE LSI) traded up $0.09 during mid-day trading on Friday, hitting $88.62. 768,400 shares of the stock traded hands, compared to its average volume of 485,086. The firm has a market capitalization of $4,124.09, a price-to-earnings ratio of 16.75, a PEG ratio of 3.72 and a beta of 0.59. Life Storage has a twelve month low of $69.00 and a twelve month high of $89.56. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.85.
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Life Storage declared that its board has approved a stock buyback plan on Wednesday, August 2nd that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the real estate investment trust to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
The firm 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 annualized dividend and a dividend yield of 4.51%. The ex-dividend date was Thursday, October 12th. Life Storage’s dividend payout ratio (DPR) is presently 199.01%.
In related news, CFO Andrew J. Gregoire purchased 1,500 shares of the company’s stock in a transaction on Monday, August 21st. The shares were bought at an average cost of $71.65 per share, for a total transaction of $107,475.00. Following the transaction, the chief financial officer now owns 48,173 shares of the company’s stock, valued at $3,451,595.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul T. Powell purchased 700 shares of the company’s stock in a transaction on Monday, August 21st. The shares were bought at an average price of $71.57 per share, for a total transaction of $50,099.00. Following the completion of the transaction, 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 bought a total of 3,190 shares of company stock valued at $230,042 over the last ninety days. Company insiders own 1.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in LSI. PNC Financial Services Group Inc. raised its position 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 buying an additional 124 shares in the last quarter. Advisor Group Inc. raised its position 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 buying an additional 387 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Life Storage during the 2nd quarter worth about $222,000. Paragon Capital Management Ltd bought a new stake in shares of Life Storage in the 2nd quarter worth approximately $232,000. Finally, Perigon Wealth Management LLC raised its holdings in shares of Life Storage by 34.0% in the 2nd quarter. Perigon Wealth Management LLC now owns 3,150 shares of the real estate investment trust’s stock worth $233,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 98.96% 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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