Nordea Investment Management AB reduced its holdings in Life Storage Inc (NYSE:LSI) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 129,704 shares of the real estate investment trust’s stock after selling 3,043 shares during the period. Nordea Investment Management AB owned 0.28% of Life Storage worth $12,616,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Lindbrook Capital LLC bought a new stake in shares of Life Storage during the 4th quarter worth about $42,000. Advisor Group Inc. lifted its holdings in shares of Life Storage by 68.8% during the 4th quarter. Advisor Group Inc. now owns 466 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 190 shares during the period. Pearl River Capital LLC bought a new stake in shares of Life Storage during the 4th quarter worth approximately $74,000. Quadrant Capital Group LLC lifted its holdings in shares of Life Storage by 867.0% during the 1st quarter. Quadrant Capital Group LLC now owns 938 shares of the real estate investment trust’s stock worth $89,000 after acquiring an additional 841 shares during the period. Finally, NumerixS Investment Technologies Inc acquired a new position in Life Storage during the 1st quarter worth approximately $98,000. Hedge funds and other institutional investors own 95.76% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Evercore ISI cut shares of Prologis from an “outperform” rating to an “in-line” rating and upped their price objective for the stock from $75.00 to $78.00 in a research report on Monday, May 20th. ValuEngine upgraded shares of Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Raymond James cut shares of First Midwest Bancorp to a “hold” rating in a research report on Monday, July 8th. Finally, Zacks Investment Research cut shares of Farmers & Merchants Bancorp, Inc. (OH) from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $99.00.
Life Storage (NYSE:LSI) last released its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.58). The business had revenue of $136.52 million during the quarter, compared to the consensus estimate of $136.41 million. Life Storage had a net margin of 37.37% and a return on equity of 10.17%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the business posted $1.27 earnings per share. As a group, research analysts anticipate that Life Storage Inc will post 5.59 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Tuesday, July 16th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $4.00 annualized dividend and a dividend yield of 3.98%. Life Storage’s dividend payout ratio is currently 72.60%.
In other news, Director Arthur L. Havener, Jr. sold 598 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $95.77, for a total value of $57,270.46. Following the completion of the sale, the director now owns 6,728 shares in the company, valued at $644,340.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.80% 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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