Zacks Investment Research Lowers Life Storage (NYSE:LSI) to Hold

Zacks Investment Research downgraded shares of Life Storage (NYSE:LSI) from a buy rating to a hold rating in a research note released on Friday morning, Zacks.com reports.

According to Zacks, “Life Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust which acquires and manages self-storage properties. The company’s brand name consists of Life Storage(R) and Uncle Bob’s Self Storage(R). Life Storage, Inc., formerly known as Sovran Self Storage, Inc., is headquartered in Buffalo, New York. “

A number of other research firms have also recently weighed in on LSI. Raymond James increased their price target on Life Storage from $106.00 to $110.00 and gave the stock an outperform rating in a report on Tuesday, September 17th. Stifel Nicolaus initiated coverage on Life Storage in a report on Monday, August 19th. They set a hold rating and a $106.00 price target for the company. KeyCorp increased their price target on Life Storage from $106.00 to $110.00 and gave the stock an overweight rating in a report on Monday, August 5th. Finally, Robert W. Baird upgraded Life Storage from an underperform rating to a neutral rating and increased their price target for the stock from $92.00 to $101.00 in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Life Storage has a consensus rating of Hold and an average price target of $103.33.

NYSE LSI opened at $104.62 on Friday. The stock has a market cap of $4.91 billion, a PE ratio of 18.94, a P/E/G ratio of 4.89 and a beta of 0.35. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.92. Life Storage has a twelve month low of $88.92 and a twelve month high of $106.43. The stock has a fifty day simple moving average of $103.46 and a 200-day simple moving average of $98.43.

Life Storage (NYSE:LSI) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.54). The business had revenue of $145.00 million for 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.39 earnings per share. Research analysts predict that Life Storage will post 5.59 EPS for the current 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 stock was 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 in the company, valued at approximately $12,124,060.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Edward F. Killeen sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $105.06, for a total value of $157,590.00. Following the transaction, the chief operating officer now owns 26,998 shares of the company’s stock, valued at $2,836,409.88. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock valued at $679,690 over the last 90 days. 0.80% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in LSI. PGGM Investments purchased a new position in shares of Life Storage in the 2nd quarter valued at about $227,266,000. Long Pond Capital LP purchased a new position in shares of Life Storage in the 2nd quarter valued at about $53,694,000. Nuveen Asset Management LLC boosted its stake in shares of 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 buying an additional 540,976 shares during the period. Northern Trust Corp boosted its stake in shares of 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 buying an additional 296,148 shares during the period. Finally, Echo Street Capital Management LLC boosted its stake in shares of Life Storage by 57.5% in the 2nd quarter. Echo Street Capital Management LLC now owns 428,620 shares of the real estate investment trust’s stock valued at $40,753,000 after buying an additional 156,414 shares during the period. Institutional investors and hedge funds own 92.77% of the company’s stock.

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 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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