Life Storage, Inc. (NYSE:LSI) – Jefferies Group increased their FY2017 earnings per share estimates for Life Storage in a research note issued on Monday. Jefferies Group analyst G. Hoglund now expects that the real estate investment trust will post earnings of $5.23 per share for the year, up from their prior estimate of $5.20. Jefferies Group currently has a “Hold” rating and a $72.00 target price on the stock. Jefferies Group also issued estimates for Life Storage’s FY2018 earnings at $5.49 EPS.
Life Storage (NYSE:LSI) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 EPS for the quarter, missing the Zacks’ consensus estimate of $1.35 by ($0.02). The company had revenue of $132.78 million during the quarter, compared to the consensus estimate of $132.62 million. Life Storage had a return on equity of 2.56% and a net margin of 10.28%. Life Storage’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.32 EPS. COPYRIGHT VIOLATION WARNING: This report was reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are reading this report on another website, it was illegally copied and reposted in violation of US & international trademark and copyright laws. The original version of this report can be accessed at https://www.chaffeybreeze.com/2017/10/20/research-analysts-issue-forecasts-for-life-storage-inc-s-fy2017-earnings-lsi.html.
Several other research firms also recently commented on LSI. KeyCorp reissued a “hold” rating on shares of Life Storage in a report on Thursday, October 12th. Zacks Investment Research raised shares of Life Storage from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. BidaskClub raised shares of Life Storage from a “hold” rating to a “buy” rating in a research note on Monday, September 18th. Bank of America Corporation downgraded shares of Life Storage from a “neutral” rating to an “underperform” rating and upped their price target for the company from $73.00 to $77.00 in a research note on Monday, September 25th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and set a $73.00 price target on shares of Life Storage in a research note on Thursday, September 14th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. Life Storage presently has a consensus rating of “Hold” and a consensus price target of $77.91.
Shares of Life Storage (NYSE:LSI) traded up 0.50% during trading on Wednesday, hitting $82.30. 160,652 shares of the stock were exchanged. The firm has a 50 day moving average of $80.47 and a 200-day moving average of $77.07. The stock has a market cap of $3.82 billion, a PE ratio of 72.00 and a beta of 0.59. Life Storage has a 52-week low of $69.00 and a 52-week high of $89.24.
Life Storage declared that its Board of Directors has initiated a stock buyback 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 an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 26th. Stockholders of record on Friday, October 13th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend is Thursday, October 12th. Life Storage’s payout ratio is presently 347.83%.
In other Life Storage news, Director Arthur L. Havener, Jr. bought 990 shares of the company’s stock in a transaction on Monday, August 21st. The shares were bought at an average cost of $73.20 per share, for a total transaction of $72,468.00. Following the acquisition, the director now directly owns 7,413 shares in the company, valued at $542,631.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul T. Powell bought 700 shares of the company’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 owns 44,996 shares in the company, valued at $3,220,363.72. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 3,190 shares of company stock worth $230,042. Company insiders own 1.90% of the company’s stock.
Institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. grew its holdings in 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 acquiring an additional 124 shares in the last quarter. Perigon Wealth Management LLC bought a new position in Life Storage during the 1st quarter worth about $193,000. Advisor Group Inc. grew its holdings in 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 acquiring an additional 387 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Life Storage during the 2nd quarter worth about $222,000. Finally, Paragon Capital Management Ltd bought a new position in Life Storage during the 2nd quarter worth about $232,000. Institutional investors own 99.50% of the company’s stock.
Life Storage Company Profile
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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