New York State Common Retirement Fund cut its stake in Life Storage Inc (NYSE:LSI) by 2.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 99,300 shares of the real estate investment trust’s stock after selling 2,500 shares during the period. New York State Common Retirement Fund owned approximately 0.21% of Life Storage worth $8,294,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Wolverine Asset Management LLC purchased a new position in Life Storage in the fourth quarter valued at about $185,000. Bridgeworth LLC purchased a new position in Life Storage in the first quarter valued at about $215,000. Bbva Compass Bancshares Inc. purchased a new position in Life Storage in the fourth quarter valued at about $224,000. Koch Industries Inc. purchased a new position in Life Storage in the fourth quarter valued at about $259,000. Finally, Vident Investment Advisory LLC purchased a new position in Life Storage in the fourth quarter valued at about $278,000. 95.30% of the stock is owned by institutional investors.
A number of brokerages have issued reports on LSI. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $86.00 target price on shares of Life Storage in a report on Wednesday, February 21st. ValuEngine raised shares of Life Storage from a “hold” rating to a “buy” rating in a report on Friday, April 27th. Zacks Investment Research raised shares of Life Storage from a “sell” rating to a “hold” rating in a report on Thursday, March 29th. Bank of America reissued a “hold” rating and set a $93.00 price objective (up from $90.00) on shares of Life Storage in a research note on Tuesday, May 8th. Finally, BMO Capital Markets set a $78.00 price objective on shares of Life Storage and gave the stock a “sell” rating in a research note on Wednesday, February 21st. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $82.93.
Shares of Life Storage opened at $92.98 on Friday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.23 and a quick ratio of 0.23. Life Storage Inc has a 1-year low of $69.00 and a 1-year high of $95.43. The company has a market cap of $4.33 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 3.72 and a beta of 0.50.
Life Storage (NYSE:LSI) last issued its quarterly earnings data on Wednesday, May 2nd. The real estate investment trust reported $0.73 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.55). The business had revenue of $133.10 million for the quarter, compared to analysts’ expectations of $134.71 million. Life Storage had a return on equity of 5.52% and a net margin of 20.55%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period last year, the business earned $1.26 earnings per share. sell-side analysts expect that Life Storage Inc will post 5.37 earnings per share for the current fiscal year.
In other Life Storage news, President Kenneth F. Myszka sold 5,476 shares of Life Storage stock in a transaction that occurred on Wednesday, May 23rd. The shares were sold at an average price of $91.00, for a total value of $498,316.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Edward F. Killeen sold 4,000 shares of Life Storage stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $91.02, for a total transaction of $364,080.00. Following the completion of the sale, the chief operating officer now directly owns 26,069 shares of the company’s stock, valued at $2,372,800.38. The disclosure for this sale can be found here. Insiders sold a total of 74,106 shares of company stock valued at $6,835,588 over the last ninety days. 1.80% of the stock is owned by corporate insiders.
Life Storage Company 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.
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