Life Storage, Inc. (NYSE:LSI) Short Interest Update

Life Storage, Inc. (NYSE:LSI) was the recipient of a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 1,250,000 shares, a decrease of 23.8% from the December 31st total of 1,640,000 shares. Based on an average trading volume of 426,500 shares, the days-to-cover ratio is presently 2.9 days.

LSI has been the subject of a number of recent analyst reports. Truist upped their target price on Life Storage from $66.67 to $82.00 in a research report on Thursday, December 31st. KeyCorp upped their price objective on Life Storage from $81.33 to $85.33 and gave the stock an “overweight” rating in a research report on Thursday, January 21st. Raymond James restated a “hold” rating on shares of Life Storage in a research report on Friday, December 11th. BMO Capital Markets upgraded Life Storage from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $81.33 to $93.33 in a research report on Thursday, January 7th. Finally, Evercore ISI restated an “in-line” rating and set a $82.00 price objective on shares of Life Storage in a research report on Monday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Life Storage currently has an average rating of “Hold” and a consensus price target of $78.83.

In other news, CFO Andrew J. Gregoire sold 5,000 shares of the company’s stock in a transaction on Friday, December 11th. The stock was sold at an average price of $114.31, for a total transaction of $571,550.00. Following the completion of the sale, the chief financial officer now directly owns 59,181 shares in the company, valued at approximately $6,764,980.11. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of Life Storage by 255.4% in the third quarter. JPMorgan Chase & Co. now owns 712,000 shares of the real estate investment trust’s stock valued at $75,749,000 after buying an additional 511,654 shares during the period. Heitman Real Estate Securities LLC grew its stake in Life Storage by 39.5% during the third quarter. Heitman Real Estate Securities LLC now owns 547,278 shares of the real estate investment trust’s stock worth $57,612,000 after purchasing an additional 154,965 shares during the period. UBS Asset Management Americas Inc. grew its stake in Life Storage by 5.7% during the third quarter. UBS Asset Management Americas Inc. now owns 301,124 shares of the real estate investment trust’s stock worth $31,699,000 after purchasing an additional 16,215 shares during the period. Miller Howard Investments Inc. NY acquired a new stake in Life Storage during the third quarter worth approximately $22,077,000. Finally, Reinhart Partners Inc. grew its stake in Life Storage by 3.3% during the third quarter. Reinhart Partners Inc. now owns 140,503 shares of the real estate investment trust’s stock worth $14,791,000 after purchasing an additional 4,471 shares during the period. 89.84% of the stock is owned by institutional investors.

LSI traded up $1.23 on Wednesday, reaching $83.61. The stock had a trading volume of 523,523 shares, compared to its average volume of 781,585. Life Storage has a fifty-two week low of $44.87 and a fifty-two week high of $83.90. The firm has a 50-day moving average of $80.65 and a 200-day moving average of $74.21. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of 25.57, a price-to-earnings-growth ratio of 5.27 and a beta of 0.32.

Life Storage (NYSE:LSI) last issued its quarterly earnings results on Thursday, November 5th. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.47). The company had revenue of $156.30 million during the quarter, compared to analyst estimates of $150.56 million. Life Storage had a net margin of 25.67% and a return on equity of 7.09%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.97 EPS. Sell-side analysts anticipate that Life Storage will post 5.87 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 27th. Stockholders of record on Friday, January 15th were paid a $0.74 dividend. The ex-dividend date was Thursday, January 14th. This represents a $2.96 annualized dividend and a dividend yield of 3.54%. Life Storage’s payout ratio is 52.67%.

Life Storage Company Profile

Life Storage, Inc is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 900 storage facilities in 30 states and in the province of Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.

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