Life Storage Inc (NYSE:LSI) Sees Significant Increase in Short Interest

Life Storage Inc (NYSE:LSI) was the target of a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 1,623,200 shares, a growth of 19.3% from the June 30th total of 1,360,900 shares. Based on an average daily volume of 353,300 shares, the days-to-cover ratio is presently 4.6 days. Approximately 3.5% of the shares of the stock are sold short.

Shares of LSI stock traded down $1.57 on Wednesday, reaching $99.43. The company had a trading volume of 507,770 shares, compared to its average volume of 372,657. The firm has a market capitalization of $4.81 billion, a PE ratio of 18.05, a PEG ratio of 4.68 and a beta of 0.37. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.63 and a quick ratio of 0.63. Life Storage has a one year low of $88.92 and a one year high of $103.68. The firm has a 50-day simple moving average of $99.03.

Life Storage (NYSE:LSI) last posted its 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). The company had revenue of $145.00 million during the quarter, compared to the consensus estimate of $142.96 million. Life Storage had a return on equity of 10.21% and a net margin of 37.17%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same period last year, the company posted $1.39 EPS. On average, sell-side analysts forecast that Life Storage will post 5.58 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Tuesday, July 16th were issued a $1.00 dividend. 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 4.02%. Life Storage’s dividend payout ratio (DPR) is currently 72.60%.

Several equities research analysts recently weighed in on the stock. Evercore ISI raised shares of Life Storage from an “underperform” rating to an “in-line” rating and set a $100.00 price objective for the company in a research report on Monday, May 20th. KeyCorp upped their price objective on shares of Life Storage from $106.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Raymond James raised shares of Life Storage from a “market perform” rating to an “outperform” rating and set a $106.00 price objective for the company in a research report on Monday, July 8th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Life Storage from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $102.29.

In related news, Director Charles E. Lannon sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $103.49, for a total transaction of $206,980.00. Following the completion of the sale, the director now owns 117,152 shares of the company’s stock, valued at $12,124,060.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of LSI. Advisor Group Inc. boosted its position in 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 purchasing an additional 190 shares during the period. Stifel Financial Corp boosted its position in Life Storage by 5.2% during the 4th quarter. Stifel Financial Corp now owns 2,977 shares of the real estate investment trust’s stock worth $277,000 after purchasing an additional 146 shares during the period. Millennium Management LLC boosted its position in Life Storage by 250.3% during the 4th quarter. Millennium Management LLC now owns 34,665 shares of the real estate investment trust’s stock worth $3,223,000 after purchasing an additional 24,768 shares during the period. Geode Capital Management LLC boosted its position in Life Storage by 7.2% during the 4th quarter. Geode Capital Management LLC now owns 629,965 shares of the real estate investment trust’s stock worth $58,580,000 after purchasing an additional 42,438 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in Life Storage by 0.9% during the 1st quarter. State of Alaska Department of Revenue now owns 20,117 shares of the real estate investment trust’s stock worth $1,954,000 after purchasing an additional 170 shares during the period. 97.87% of the stock is owned by hedge funds and other institutional investors.

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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