Bank of New York Mellon Corp Reduces Position in Life Storage Inc (LSI)

Bank of New York Mellon Corp reduced its position in shares of Life Storage Inc (NYSE:LSI) by 5.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 613,349 shares of the real estate investment trust’s stock after selling 38,564 shares during the period. Bank of New York Mellon Corp owned about 1.32% of Life Storage worth $58,366,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of LSI. Daiwa Securities Group Inc. raised its position in shares of Life Storage by 22,651.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,456,114 shares of the real estate investment trust’s stock valued at $138,564,000 after acquiring an additional 1,449,714 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Life Storage by 21.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,425,183 shares of the real estate investment trust’s stock worth $325,940,000 after buying an additional 608,989 shares during the last quarter. Advisors Asset Management Inc. grew its stake in Life Storage by 6,003.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 444,184 shares of the real estate investment trust’s stock worth $661,000 after buying an additional 436,907 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Life Storage by 1,718.3% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 335,509 shares of the real estate investment trust’s stock worth $31,968,000 after buying an additional 317,057 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new position in Life Storage during the 3rd quarter worth $23,982,000. 99.69% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Arthur L. Havener, Jr. sold 650 shares of the stock in a transaction on Tuesday, December 4th. The stock was sold at an average price of $99.00, for a total value of $64,350.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Edward F. Killeen sold 4,006 shares of the stock in a transaction on Friday, December 14th. The stock was sold at an average price of $101.10, for a total value of $405,006.60. Following the completion of the transaction, the chief operating officer now directly owns 24,763 shares of the company’s stock, valued at approximately $2,503,539.30. The disclosure for this sale can be found here. In the last three months, insiders sold 10,962 shares of company stock valued at $1,074,506. Company insiders own 1.80% of the company’s stock.

A number of research analysts recently commented on the company. ValuEngine downgraded Life Storage from a “buy” rating to a “hold” rating in a research note on Thursday, September 27th. Evercore ISI downgraded Life Storage from an “in-line” rating to an “underperform” rating in a research note on Tuesday, December 18th. They noted that the move was a valuation call. Citigroup lowered their price objective on Life Storage from $100.00 to $91.00 and set a “neutral” rating for the company in a research note on Friday, October 5th. Finally, SunTrust Banks restated a “hold” rating and set a $95.00 price objective on shares of Life Storage in a research note on Monday, September 24th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Life Storage presently has an average rating of “Hold” and an average target price of $93.20.

Shares of LSI opened at $92.66 on Friday. Life Storage Inc has a 12 month low of $76.42 and a 12 month high of $102.91. The firm has a market cap of $4.21 billion, a P/E ratio of 17.56, a P/E/G ratio of 3.56 and a beta of 0.44. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.87.

Life Storage (NYSE:LSI) last released its quarterly earnings results on Wednesday, October 31st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.88. Life Storage had a return on equity of 6.68% and a net margin of 24.81%. The company had revenue of $141.50 million during the quarter, compared to analysts’ expectations of $141.10 million. During the same quarter in the prior year, the business posted $0.76 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, equities analysts forecast that Life Storage Inc will post 5.5 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 28th. Stockholders of record on Tuesday, January 15th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Monday, January 14th. This represents a $4.00 annualized dividend and a dividend yield of 4.32%. Life Storage’s payout ratio is 75.33%.

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Life Storage 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 700 storage facilities in 28 states. The Company serves both residential and commercial storage customers with storage units rented by month.

Further Reading: The Role of a Fiduciary and Individual Investors

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Institutional Ownership by Quarter for Life Storage (NYSE:LSI)

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