IBM Retirement Fund purchased a new stake in Life Storage, Inc. (NYSE:LSI) during the third quarter, Holdings Channel reports. The firm purchased 4,285 shares of the real estate investment trust’s stock, valued at approximately $381,000.
Several other hedge funds and other institutional investors have also made changes to their positions in LSI. Fisher Asset Management LLC acquired a new position in shares of Life Storage during the third quarter valued at approximately $79,989,000. Shinko Asset Management Co. Ltd. purchased a new stake in Life Storage during the third quarter valued at about $46,624,000. State of New Jersey Common Pension Fund D purchased a new stake in Life Storage during the third quarter valued at about $12,096,000. Boston Advisors LLC purchased a new stake in Life Storage during the third quarter valued at about $9,177,000. Finally, California Public Employees Retirement System purchased a new stake in Life Storage during the third quarter valued at about $8,694,000. Institutional investors own 91.83% of the company’s stock.
Life Storage, Inc. (NYSE:LSI) traded up 0.22% during trading on Wednesday, hitting $80.57. 321,234 shares of the stock were exchanged. Life Storage, Inc. has a 52 week low of $77.00 and a 52 week high of $118.18. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 33.92 and a beta of 0.59. The firm has a 50-day moving average of $83.53 and a 200-day moving average of $89.07.
Life Storage (NYSE:LSI) last issued its earnings results on Wednesday, November 2nd. The real estate investment trust reported $1.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $1.20. The business had revenue of $127.80 million for the quarter, compared to the consensus estimate of $122.29 million. Life Storage had a net margin of 22.63% and a return on equity of 5.62%. The firm’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.32 earnings per share. Equities research analysts anticipate that Life Storage, Inc. will post $2.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 26th. Investors of record on Tuesday, January 17th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, January 12th. This represents a $3.80 dividend on an annualized basis and a yield of 4.72%. Life Storage’s payout ratio is 152.61%.
Several research firms recently issued reports on LSI. DA Davidson reaffirmed a “hold” rating on shares of Life Storage in a report on Thursday, November 10th. Zacks Investment Research raised shares of Life Storage from a “sell” rating to a “hold” rating in a report on Thursday, December 15th. FBR & Co upped their price objective on shares of Life Storage from $95.00 to $105.00 and gave the stock a “mkt perform” rating in a report on Thursday, November 3rd. Robert W. Baird downgraded shares of Life Storage from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $108.00 to $92.00 in a report on Thursday, January 5th. Finally, TheStreet downgraded shares of Life Storage from a “buy” rating to a “hold” rating in a report on Wednesday, November 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $103.36.
In other news, Director Stephen R. Rusmisel bought 500 shares of the stock in a transaction that occurred on Friday, November 11th. The shares were acquired at an average cost of $81.51 per share, for a total transaction of $40,755.00. Following the completion of the acquisition, the director now owns 4,712 shares in the company, valued at $384,075.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur L. Havener, Jr. bought 2,724 shares of the stock in a transaction that occurred on Friday, November 18th. The shares were purchased at an average price of $79.55 per share, for a total transaction of $216,694.20. Following the completion of the acquisition, the director now owns 5,639 shares of the company’s stock, valued at approximately $448,582.45. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.
Life Storage Company Profile
Life Storage, Inc, formerly Sovran Self Storage, Inc, is a self-administered and self-managed real estate investment trust. The Company owns and operates self-storage facilities across the United States. As of June 30, 2016, the Company had an ownership interest in and/or managed 563 self-storage properties in 26 states under the name Uncle Bob’s Self Storage.
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