SunTrust Banks, Inc. reissued their hold rating on shares of Life Storage, Inc. (NYSE:LSI) in a research report sent to investors on Friday, November 3rd. The firm currently has a $75.00 price target on the real estate investment trust’s stock.
Several other equities research analysts have also weighed in on the company. Zacks Investment Research raised Life Storage from a hold rating to a buy rating and set a $94.00 target price on the stock in a research report on Friday, November 3rd. DA Davidson increased their target price on Life Storage to $85.00 and gave the stock a neutral rating in a research report on Friday, November 3rd. BMO Capital Markets reissued a sell rating and set a $73.00 price target on shares of Life Storage in a report on Thursday, November 2nd. KeyCorp reissued a hold rating on shares of Life Storage in a report on Thursday, October 12th. Finally, Bank of America Corporation lowered Life Storage from a neutral rating to an underperform rating and lifted their target price for the stock from $73.00 to $77.00 in a report on Monday, September 25th. Five analysts have rated the stock with a sell rating, ten have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Life Storage currently has a consensus rating of Hold and a consensus price target of $79.46.
Life Storage (LSI) opened at $88.62 on Friday. Life Storage has a one year low of $69.00 and a one year high of $89.56. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.19 and a current ratio of 0.19. The stock has a market capitalization of $4,124.09, a price-to-earnings ratio of 16.75, a P/E/G ratio of 3.72 and a beta of 0.59.
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Life Storage announced that its Board of Directors has authorized a stock buyback program on Wednesday, August 2nd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 26th. Shareholders of record on Friday, October 13th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 4.51%. The ex-dividend date was Thursday, October 12th. Life Storage’s dividend payout ratio is currently 199.01%.
In related news, Director Arthur L. Havener, Jr. purchased 990 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were acquired at an average price of $73.20 per share, with a total value of $72,468.00. Following the purchase, the director now directly owns 7,413 shares in the company, valued at $542,631.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul T. Powell purchased 700 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was bought at an average cost of $71.57 per share, for a total transaction of $50,099.00. Following the purchase, 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. Insiders have bought a total of 3,190 shares of company stock worth $230,042 in the last three months. 1.90% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. Westwood Holdings Group Inc. boosted its stake in Life Storage by 0.8% in the second quarter. Westwood Holdings Group Inc. now owns 9,770 shares of the real estate investment trust’s stock worth $724,000 after purchasing an additional 75 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Life Storage by 9.6% in 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 purchasing an additional 124 shares in the last quarter. Capstone Asset Management Co. boosted its stake in Life Storage by 3.5% in the second quarter. Capstone Asset Management Co. now owns 5,673 shares of the real estate investment trust’s stock worth $420,000 after purchasing an additional 190 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in Life Storage by 1.5% in the second quarter. Ameritas Investment Partners Inc. now owns 13,914 shares of the real estate investment trust’s stock worth $1,031,000 after purchasing an additional 210 shares in the last quarter. Finally, BB&T Securities LLC boosted its stake in Life Storage by 3.3% in the second quarter. BB&T Securities LLC now owns 7,089 shares of the real estate investment trust’s stock worth $525,000 after purchasing an additional 228 shares in the last quarter. 98.96% of the stock is currently owned by institutional investors.
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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