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. Life Storage consistently provides responsive service to approximately 500,000 customers, making it a leader in the industry.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on LSI. KeyCorp lowered their price objective on shares of Life Storage from $160.00 to $144.00 and set an "overweight" rating for the company in a research report on Thursday, June 16th. Truist Financial raised their target price on shares of Life Storage from $132.00 to $138.00 and gave the company a "hold" rating in a research note on Monday. Jefferies Financial Group reduced their target price on shares of Life Storage from $166.00 to $127.00 and set a "buy" rating on the stock in a research note on Thursday, June 30th. Bank of America lowered shares of Life Storage from a "buy" rating to a "neutral" rating and reduced their target price for the company from $141.00 to $133.00 in a research note on Tuesday, June 21st. Finally, BMO Capital Markets lowered shares of Life Storage from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $150.00 to $130.00 in a research note on Thursday, May 19th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.09.
Life Storage Trading Up 1.4 %
Life Storage stock traded up $1.89 during midday trading on Wednesday, hitting $138.00. 355,135 shares of the stock were exchanged, compared to its average volume of 553,964. The company has a fifty day simple moving average of $117.37 and a two-hundred day simple moving average of $125.98. Life Storage has a 52 week low of $100.66 and a 52 week high of $154.45. The stock has a market capitalization of $11.65 billion, a PE ratio of 36.70, a P/E/G ratio of 5.97 and a beta of 0.60. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.88.
Life Storage (NYSE:LSI - Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.44). Life Storage had a return on equity of 9.20% and a net margin of 33.90%. During the same quarter in the prior year, the business posted $1.20 EPS. Equities research analysts anticipate that Life Storage will post 6.32 EPS for the current fiscal year.
Life Storage Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, July 26th. Shareholders of record on Friday, July 15th were paid a $1.08 dividend. The ex-dividend date was Thursday, July 14th. This represents a $4.32 dividend on an annualized basis and a yield of 3.13%. This is a positive change from Life Storage's previous quarterly dividend of $1.00. Life Storage's payout ratio is presently 114.89%.
Insider Buying and Selling at Life Storage
In other Life Storage news, CEO Joseph Saffire sold 5,044 shares of Life Storage stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $131.22, for a total value of $661,873.68. Following the transaction, the chief executive officer now owns 61,305 shares of the company's stock, valued at $8,044,442.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company's stock.