Life Storage Inc (NYSE:LSI) – Stock analysts at KeyCorp reduced their FY2019 earnings estimates for Life Storage in a research note issued to investors on Monday, May 13th. KeyCorp analyst T. Thomas now expects that the real estate investment trust will earn $5.60 per share for the year, down from their prior estimate of $5.61. KeyCorp also issued estimates for Life Storage’s FY2020 earnings at $5.76 EPS.
Other analysts have also recently issued reports about the stock. Bank of America set a $105.00 price objective on shares of Life Storage and gave the stock a “hold” rating in a research note on Friday, March 1st. Zacks Investment Research cut shares of Life Storage from a “buy” rating to a “hold” rating in a research note on Tuesday, January 22nd. Finally, ValuEngine cut shares of Life Storage from a “buy” rating to a “hold” rating in a research note on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $97.86.
Life Storage (NYSE:LSI) last posted its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by ($0.58). The business had revenue of $136.52 million during the quarter, compared to analyst estimates of $136.41 million. Life Storage had a return on equity of 10.17% and a net margin of 37.37%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the company earned $1.27 EPS.
The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Tuesday, April 16th were paid a dividend of $1.00 per share. The ex-dividend date was Monday, April 15th. This represents a $4.00 annualized dividend and a dividend yield of 4.19%. Life Storage’s dividend payout ratio (DPR) is currently 72.60%.
In other news, Director David L. Rogers sold 10,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $96.12, for a total transaction of $961,200.00. Following the sale, the director now directly owns 120,000 shares of the company’s stock, valued at $11,534,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arthur L. Havener, Jr. sold 598 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $95.77, for a total transaction of $57,270.46. Following the sale, the director now directly owns 6,728 shares in the company, valued at $644,340.56. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in LSI. Vanguard Group Inc boosted its stake in Life Storage by 5.1% in the third quarter. Vanguard Group Inc now owns 7,276,424 shares of the real estate investment trust’s stock valued at $692,424,000 after acquiring an additional 354,370 shares during the last quarter. Cohen & Steers Inc. boosted its stake in Life Storage by 0.4% in the fourth quarter. Cohen & Steers Inc. now owns 6,676,829 shares of the real estate investment trust’s stock valued at $620,878,000 after acquiring an additional 24,316 shares during the last quarter. BlackRock Inc. boosted its stake in Life Storage by 2.4% in the fourth quarter. BlackRock Inc. now owns 5,657,678 shares of the real estate investment trust’s stock valued at $526,106,000 after acquiring an additional 132,304 shares during the last quarter. Security Capital Research & Management Inc. boosted its stake in Life Storage by 283.2% in the first quarter. Security Capital Research & Management Inc. now owns 1,878,025 shares of the real estate investment trust’s stock valued at $182,675,000 after acquiring an additional 1,387,900 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in Life Storage by 14.9% in the fourth quarter. Daiwa Securities Group Inc. now owns 1,672,431 shares of the real estate investment trust’s stock valued at $155,519,000 after acquiring an additional 216,317 shares during the last quarter. 96.25% of the stock is currently owned by institutional investors and hedge funds.
About Life Storage
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 750 storage facilities in 28 states and Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.
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