Zacks Investment Research Upgrades Life Storage (NYSE:LSI) to Buy

Zacks Investment Research upgraded shares of Life Storage (NYSE:LSI) from a hold rating to a buy rating in a research report report published on Wednesday morning, Zacks.com reports. They currently have $115.00 target price on the real estate investment trust’s stock.

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 brokerages have also commented on LSI. KeyCorp upped 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. Raymond James upgraded Life Storage from a market perform rating to an outperform rating and set a $106.00 price target for the company in a report on Monday, July 8th. They noted that the move was a valuation call. Finally, Evercore ISI upgraded Life Storage from an underperform rating to an in-line rating and set a $100.00 price target for the company in a report on Monday, May 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $102.29.

LSI opened at $103.12 on Wednesday. The business has a 50 day moving average price of $99.32 and a 200 day moving average price of $97.47. Life Storage has a twelve month low of $88.92 and a twelve month high of $103.68. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.63 and a current ratio of 0.63. The firm has a market cap of $4.81 billion, a P/E ratio of 18.72, a price-to-earnings-growth ratio of 4.51 and a beta of 0.37.

Life Storage (NYSE:LSI) last issued its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.54). Life Storage had a return on equity of 10.21% and a net margin of 37.17%. The business had revenue of $145.00 million for the quarter, compared to analyst estimates of $142.96 million. During the same quarter last year, the firm earned $1.39 earnings per share. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, analysts anticipate that Life Storage will post 5.59 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Tuesday, July 16th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.88%. Life Storage’s dividend payout ratio (DPR) is presently 72.60%.

In other news, Director Charles E. Lannon sold 2,000 shares of the company’s stock in a transaction that occurred on 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 $12,124,060.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.80% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in LSI. PGGM Investments bought a new stake in shares of Life Storage during the second quarter valued at approximately $227,266,000. Long Pond Capital LP bought a new stake in shares of Life Storage during the second quarter valued at approximately $53,694,000. Nuveen Asset Management LLC increased its position in shares of Life Storage by 232.0% during the second quarter. Nuveen Asset Management LLC now owns 774,147 shares of the real estate investment trust’s stock valued at $73,606,000 after purchasing an additional 540,976 shares during the period. Northern Trust Corp increased its position in shares of Life Storage by 47.1% during the first quarter. Northern Trust Corp now owns 924,685 shares of the real estate investment trust’s stock valued at $89,944,000 after purchasing an additional 296,148 shares during the period. Finally, Echo Street Capital Management LLC increased its position in shares of Life Storage by 57.5% during the second 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 purchasing an additional 156,414 shares during the period. Institutional investors and hedge funds own 97.87% of the company’s stock.

About Life Storage

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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Analyst Recommendations for Life Storage (NYSE:LSI)

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