A number of other analysts have also recently issued reports on the stock. Evercore ISI reiterated an underperform rating and issued a $76.00 target price (up from $71.00) on shares of Life Storage in a research note on Thursday, September 14th. Cantor Fitzgerald reiterated a hold rating and issued a $73.00 target price on shares of Life Storage in a research note on Thursday, September 14th. UBS AG reiterated a neutral rating and issued a $75.00 target price (down from $80.00) on shares of Life Storage in a research note on Thursday, August 3rd. Bank of America Corporation reduced their target price on shares of Life Storage from $82.00 to $76.00 and set a neutral rating for the company in a research note on Thursday, July 20th. Finally, Jefferies Group LLC set a $72.00 target price on shares of Life Storage and gave the company a hold rating in a research note on Friday, August 18th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $78.79.
Shares of Life Storage (NYSE:LSI) opened at $88.68 on Tuesday. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.85. The company has a market cap of $4,154.34, a P/E ratio of 16.88, a P/E/G ratio of 3.75 and a beta of 0.59. Life Storage has a fifty-two week low of $69.00 and a fifty-two week high of $89.85.
Life Storage announced that its Board of Directors has authorized a share buyback program on Wednesday, August 2nd that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the real estate investment trust to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 26th. Stockholders of record on Friday, October 13th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Thursday, October 12th. Life Storage’s payout ratio is 199.01%.
In other news, insider Paul T. Powell acquired 700 shares of Life Storage stock in a transaction dated Monday, August 21st. The stock was acquired at an average cost of $71.57 per share, for a total transaction of $50,099.00. Following the completion of the purchase, the insider now owns 44,996 shares of the company’s stock, valued at $3,220,363.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew J. Gregoire bought 1,500 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were bought at an average cost of $71.65 per share, for a total transaction of $107,475.00. Following the transaction, the chief financial officer now directly owns 48,173 shares of the company’s stock, valued at approximately $3,451,595.45. The disclosure for this purchase can be found here. Insiders bought 3,190 shares of company stock valued at $230,042 over the last 90 days. 1.90% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its position in Life Storage by 9.6% during the first 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 during the period. Advisor Group Inc. increased its position in Life Storage by 14.9% during the second 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 during the period. Fox Run Management L.L.C. bought a new position in Life Storage during the second quarter worth $222,000. Paragon Capital Management Ltd bought a new position in Life Storage during the second quarter worth $232,000. Finally, Perigon Wealth Management LLC increased its position in Life Storage by 34.0% during the second quarter. Perigon Wealth Management LLC now owns 3,150 shares of the real estate investment trust’s stock worth $233,000 after acquiring an additional 800 shares during the period. 98.96% of the stock is currently owned by institutional investors and hedge funds.
About Life Storage
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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