Raymond James Boosts Life Storage (NYSE:LSI) Price Target to $110.00

Life Storage (NYSE:LSI) had its price target increased by Raymond James from $106.00 to $110.00 in a research report report published on Tuesday, The Fly reports. Raymond James currently has an outperform rating on the real estate investment trust’s stock.

Several other analysts also recently commented on LSI. Robert W. Baird upgraded Life Storage from an underperform rating to a neutral rating and raised their target price for the company from $92.00 to $101.00 in a research note on Wednesday, August 21st. Zacks Investment Research downgraded Life Storage from a buy rating to a hold rating in a research note on Friday, August 16th. Stifel Nicolaus initiated coverage on Life Storage in a research note on Monday, August 19th. They issued a hold rating and a $106.00 target price for the company. KeyCorp raised their target price on Life Storage from $106.00 to $110.00 and gave the company an overweight rating in a research note on Monday, August 5th. Finally, Evercore ISI upgraded Life Storage from an underperform rating to an in-line rating and set a $100.00 target price for the company in a research note on Monday, May 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Life Storage presently has a consensus rating of Hold and a consensus price target of $103.33.

Shares of LSI opened at $105.30 on Tuesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a 50-day moving average of $103.31 and a 200-day moving average of $98.39. The company has a market cap of $4.92 billion, a PE ratio of 19.11, a P/E/G ratio of 4.77 and a beta of 0.35. Life Storage has a one year low of $88.92 and a one year high of $106.43.

Life Storage (NYSE:LSI) last issued its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.87 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.41 by ($0.54). The firm had revenue of $145.00 million during the quarter, compared to analyst estimates of $142.96 million. Life Storage had a net margin of 37.17% and a return on equity of 10.21%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.39 earnings per share. Analysts expect that Life Storage will post 5.59 EPS for the current fiscal year.

In related news, Director Charles E. Lannon sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $103.49, for a total value of $206,980.00. Following the transaction, the director now owns 117,152 shares of the company’s stock, valued at approximately $12,124,060.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Andrew J. Gregoire sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $105.04, for a total transaction of $315,120.00. Following the completion of the transaction, the chief financial officer now directly owns 52,224 shares in the company, valued at approximately $5,485,608.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,500 shares of company stock worth $679,690. 0.80% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. PGGM Investments bought a new position in Life Storage in the 2nd quarter valued at about $227,266,000. Invesco Ltd. lifted its position in Life Storage by 4.7% in the 2nd quarter. Invesco Ltd. now owns 1,022,029 shares of the real estate investment trust’s stock valued at $97,175,000 after acquiring an additional 46,116 shares in the last quarter. Northern Trust Corp lifted its position in Life Storage by 47.1% in the 1st quarter. Northern Trust Corp now owns 924,685 shares of the real estate investment trust’s stock valued at $89,944,000 after acquiring an additional 296,148 shares in the last quarter. Nuveen Asset Management LLC lifted its position in Life Storage by 232.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 774,147 shares of the real estate investment trust’s stock valued at $73,606,000 after acquiring an additional 540,976 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Life Storage by 0.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 736,887 shares of the real estate investment trust’s stock valued at $70,064,000 after acquiring an additional 5,188 shares in the last quarter. 92.77% 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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