Louisiana State Employees Retirement System trimmed its position in Life Storage Inc (NYSE:LSI) by 4.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,900 shares of the real estate investment trust’s stock after selling 600 shares during the period. Louisiana State Employees Retirement System’s holdings in Life Storage were worth $1,197,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Advisor Group Inc. lifted its stake in Life Storage by 68.8% in the fourth quarter. Advisor Group Inc. now owns 466 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 190 shares during the last quarter. Centersquare Investment Management LLC increased its position in shares of Life Storage by 194.2% in the first quarter. Centersquare Investment Management LLC now owns 606 shares of the real estate investment trust’s stock valued at $255,000 after acquiring an additional 400 shares during the period. Quadrant Capital Group LLC increased its position in shares of Life Storage by 867.0% in the first quarter. Quadrant Capital Group LLC now owns 938 shares of the real estate investment trust’s stock valued at $89,000 after acquiring an additional 841 shares during the period. NumerixS Investment Technologies Inc purchased a new position in shares of Life Storage in the first quarter valued at about $98,000. Finally, Hudson Valley Investment Advisors Inc. ADV purchased a new position in shares of Life Storage in the first quarter valued at about $208,000. 97.87% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Charles E. Lannon sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $103.49, for a total transaction of $206,980.00. Following the completion of the transaction, the director now directly owns 117,152 shares of the company’s stock, valued at $12,124,060.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.80% of the company’s stock.
Life Storage (NYSE:LSI) last announced its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.87 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.54). The firm had revenue of $145.00 million during the quarter, compared to analysts’ expectations of $142.96 million. Life Storage had a return on equity of 10.21% and a net margin of 37.17%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period last year, the company earned $1.39 earnings per share. As a group, equities analysts forecast that Life Storage Inc will post 5.59 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Tuesday, July 16th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $4.00 annualized dividend and a yield of 3.94%. Life Storage’s payout ratio is 72.60%.
Several brokerages recently issued reports on LSI. Raymond James upgraded shares of Life Storage from a “market perform” rating to an “outperform” rating and set a $106.00 price target on the stock in a research report on Monday, July 8th. They noted that the move was a valuation call. Evercore ISI upgraded shares of Life Storage from an “underperform” rating to an “in-line” rating and set a $100.00 price target on the stock in a research report on Monday, May 20th. Zacks Investment Research lowered shares of Life Storage from a “buy” rating to a “hold” rating in a research note on Friday. Finally, KeyCorp boosted their price objective on shares of Life Storage from $106.00 to $110.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Life Storage has an average rating of “Hold” and a consensus price target of $102.29.
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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