Meitav Dash Investments Ltd. boosted its position in shares of Life Storage Inc (NYSE:LSI) by 15.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,589 shares of the real estate investment trust’s stock after purchasing an additional 1,809 shares during the period. Meitav Dash Investments Ltd.’s holdings in Life Storage were worth $1,288,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. First Trust Advisors LP increased its position in Life Storage by 615.6% in the 1st quarter. First Trust Advisors LP now owns 63,199 shares of the real estate investment trust’s stock worth $6,147,000 after purchasing an additional 54,368 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Life Storage by 17.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,532 shares of the real estate investment trust’s stock valued at $239,000 after buying an additional 382 shares in the last quarter. HNP Capital LLC acquired a new position in Life Storage in the first quarter worth approximately $4,770,000. Gilman Hill Asset Management LLC bought a new position in Life Storage during the first quarter valued at approximately $213,000. Finally, Reinhart Partners Inc. grew its position in Life Storage by 42.7% in the first quarter. Reinhart Partners Inc. now owns 118,501 shares of the real estate investment trust’s stock worth $11,204,000 after acquiring an additional 35,463 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.
In related news, Director David L. Rogers sold 14,111 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $90.00, for a total transaction of $1,269,990.00. Following the transaction, the director now directly owns 104,903 shares in the company, valued at $9,441,270. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.90% of the stock is owned by company insiders.
Shares of Life Storage stock traded up $1.78 during midday trading on Thursday, hitting $101.67. The company had a trading volume of 4,353 shares, compared to its average volume of 336,261. Life Storage Inc has a 1-year low of $67.31 and a 1-year high of $119.61. The business’s 50 day simple moving average is $97.71 and its two-hundred day simple moving average is $98.22. The stock has a market cap of $4.84 billion, a PE ratio of 18.81, a P/E/G ratio of 5.16 and a beta of 0.40. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.25 and a quick ratio of 0.25.
Life Storage (NYSE:LSI) last posted its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.63). Life Storage had a return on equity of 12.00% and a net margin of 43.67%. The company had revenue of $147.03 million during the quarter, compared to analyst estimates of $146.36 million. During the same quarter in the prior year, the business earned $1.42 earnings per share. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. On average, sell-side analysts expect that Life Storage Inc will post 5.72 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 27th. Investors of record on Tuesday, July 14th were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend was Monday, July 13th. Life Storage’s dividend payout ratio (DPR) is presently 76.16%.
Several equities research analysts recently issued reports on LSI shares. KeyCorp reaffirmed a “buy” rating and issued a $106.00 price objective on shares of Life Storage in a research note on Wednesday, July 1st. Wells Fargo & Co reduced their price target on Life Storage from $97.00 to $96.00 and set an “equal weight” rating for the company in a research report on Monday, June 22nd. Evercore ISI raised Life Storage from an “in-line” rating to an “outperform” rating and set a $114.00 price objective on the stock in a report on Monday, August 10th. Zacks Investment Research upgraded Life Storage from a “sell” rating to a “hold” rating in a report on Wednesday, August 12th. Finally, BMO Capital Markets began coverage on Life Storage in a report on Tuesday, July 21st. They set a “hold” rating and a $104.00 price target on the stock. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $109.50.
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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