State Board of Administration of Florida Retirement System decreased its position in shares of Life Storage Inc (NYSE:LSI) by 0.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 57,383 shares of the real estate investment trust’s stock after selling 170 shares during the period. State Board of Administration of Florida Retirement System owned 0.12% of Life Storage worth $5,582,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LSI. Vanguard Group Inc raised its stake in Life Storage by 5.1% during the third quarter. Vanguard Group Inc now owns 7,276,424 shares of the real estate investment trust’s stock valued at $692,424,000 after buying an additional 354,370 shares in the last quarter. Cohen & Steers Inc. raised its position in shares of Life Storage by 0.4% during the 4th quarter. Cohen & Steers Inc. now owns 6,676,829 shares of the real estate investment trust’s stock worth $620,878,000 after purchasing an additional 24,316 shares during the period. BlackRock Inc. raised its position in shares of Life Storage by 2.4% during the 4th quarter. BlackRock Inc. now owns 5,657,678 shares of the real estate investment trust’s stock worth $526,106,000 after purchasing an additional 132,304 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Life Storage by 14.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,672,431 shares of the real estate investment trust’s stock worth $155,519,000 after purchasing an additional 216,317 shares during the period. Finally, Macquarie Group Ltd. raised its position in shares of Life Storage by 1.3% during the 4th quarter. Macquarie Group Ltd. now owns 658,739 shares of the real estate investment trust’s stock worth $61,256,000 after purchasing an additional 8,600 shares during the period. Institutional investors own 95.76% of the company’s stock.
LSI has been the subject of a number of recent analyst reports. Zacks Investment Research raised Life Storage from a “sell” rating to a “hold” rating in a report on Friday, May 3rd. Bank of America lowered Life Storage from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $105.00 to $99.00 in a research note on Friday, March 8th. Evercore ISI raised Life Storage from an “underperform” rating to an “in-line” rating and set a $100.00 price target for the company in a research note on Monday, May 20th. Finally, ValuEngine lowered Life Storage from a “buy” rating to a “hold” rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $98.13.
In other news, Director Arthur L. Havener, Jr. sold 598 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $95.77, for a total value of $57,270.46. Following the sale, the director now directly owns 6,728 shares of the company’s stock, valued at $644,340.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.80% of the stock is owned by company insiders.
Shares of LSI traded down $0.13 during mid-day trading on Friday, reaching $98.11. The company’s stock had a trading volume of 329,700 shares, compared to its average volume of 377,339. The firm has a market capitalization of $4.57 billion, a P/E ratio of 17.81, a PEG ratio of 4.44 and a beta of 0.41. Life Storage Inc has a 1 year low of $88.92 and a 1 year high of $102.91. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.88.
Life Storage (NYSE:LSI) last released its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.32 by ($0.58). Life Storage had a net margin of 37.37% and a return on equity of 10.17%. The business had revenue of $136.52 million during the quarter, compared to analysts’ expectations of $136.41 million. During the same quarter in the previous year, the company earned $1.27 EPS. Life Storage’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, analysts expect that Life Storage Inc will post 5.59 earnings per share for the current fiscal year.
Life Storage 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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