Life Storage, Inc. (NYSE:LSI) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 2,060,000 shares, an increase of 23.4% from the March 31st total of 1,670,000 shares. Based on an average daily volume of 554,200 shares, the days-to-cover ratio is presently 3.7 days.
Institutional investors and hedge funds have recently made changes to their positions in the company. Reby Advisors LLC purchased a new position in shares of Life Storage in the 4th quarter valued at about $30,000. NEXT Financial Group Inc purchased a new position in shares of Life Storage in the 4th quarter valued at about $34,000. Lindbrook Capital LLC boosted its stake in shares of Life Storage by 54.2% in the 1st quarter. Lindbrook Capital LLC now owns 367 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 129 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Life Storage in the 4th quarter valued at about $62,000. Finally, CWM LLC lifted its stake in Life Storage by 49.8% during the first quarter. CWM LLC now owns 605 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 201 shares during the last quarter. Institutional investors and hedge funds own 89.84% of the company's stock.
Several research analysts recently commented on the company. BMO Capital Markets raised Life Storage from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $81.33 to $93.33 in a research note on Thursday, January 7th. Truist raised their target price on Life Storage from $85.00 to $88.00 in a research note on Friday, March 5th. Zacks Investment Research downgraded Life Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 18th. Wells Fargo & Company raised their target price on Life Storage from $75.00 to $89.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 1st. Finally, Raymond James raised their target price on Life Storage from $80.00 to $89.00 and gave the stock an "outperform" rating in a research note on Thursday, February 4th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of "Buy" and a consensus target price of $89.50.
Shares of NYSE:LSI opened at $94.33 on Tuesday. The business has a 50-day moving average price of $89.86 and a 200 day moving average price of $81.98. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $7.21 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 5.27 and a beta of 0.32. Life Storage has a 12-month low of $55.00 and a 12-month high of $96.39.
Life Storage (NYSE:LSI) last announced its earnings results on Sunday, February 21st. The real estate investment trust reported $0.57 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.47). Life Storage had a net margin of 25.67% and a return on equity of 7.09%. The firm had revenue of $166.51 million for the quarter, compared to analysts' expectations of $161.41 million. During the same quarter last year, the business earned $1.44 earnings per share. The business's revenue was up 12.8% compared to the same quarter last year. As a group, equities research analysts predict that Life Storage will post 5.87 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 26th. Stockholders of record on Wednesday, April 14th were paid a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.14%. The ex-dividend date was Tuesday, April 13th. Life Storage's payout ratio is presently 52.67%.
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 900 storage facilities in 30 states and in the province of Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.
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