Comerica Bank lowered its position in Life Storage Inc (NYSE:LSI) by 16.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 29,581 shares of the real estate investment trust’s stock after selling 5,621 shares during the quarter. Comerica Bank’s holdings in Life Storage were worth $2,707,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new position in Life Storage in the 2nd quarter worth about $104,000. Steward Partners Investment Advisory LLC boosted its stake in Life Storage by 333.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,300 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 1,000 shares during the period. Qube Research & Technologies Ltd bought a new position in Life Storage in the 2nd quarter worth about $145,000. Sumitomo Mitsui Asset Management Company LTD bought a new position in Life Storage in the 2nd quarter worth about $206,000. Finally, World Asset Management Inc bought a new position in Life Storage in the 2nd quarter worth about $226,000. 97.65% of the stock is owned by institutional investors.
Several brokerages have commented on LSI. Zacks Investment Research downgraded Life Storage from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. ValuEngine upgraded Life Storage from a “hold” rating to a “buy” rating in a research note on Monday, November 12th. DA Davidson raised their target price on Life Storage to $105.00 in a research note on Friday, August 3rd. SunTrust Banks restated a “hold” rating and issued a $95.00 target price on shares of Life Storage in a research note on Monday, September 24th. Finally, BMO Capital Markets restated a “hold” rating and issued a $87.00 target price on shares of Life Storage in a research note on Wednesday, August 1st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $91.50.
Life Storage (NYSE:LSI) last issued its quarterly earnings results on Wednesday, October 31st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.88. The firm had revenue of $141.50 million during the quarter, compared to the consensus estimate of $141.10 million. Life Storage had a return on equity of 6.68% and a net margin of 24.81%. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the company posted $0.76 EPS. On average, equities analysts forecast that Life Storage Inc will post 5.48 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 26th. Stockholders of record on Tuesday, October 16th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Monday, October 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.16%. Life Storage’s dividend payout ratio (DPR) is presently 75.33%.
In other news, President Kenneth F. Myszka sold 5,000 shares of Life Storage stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $94.39, for a total transaction of $471,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.
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 700 storage facilities in 28 states. The Company serves both residential and commercial storage customers with storage units rented by month.
Further Reading: Why is the ex-dividend date different from the record date?
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