Analysts expect that Life Storage, Inc. (NYSE:LSI) will post earnings per share of $1.36 for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Life Storage’s earnings, with estimates ranging from $1.33 to $1.39. Life Storage posted earnings of ($0.10) per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 1,460%. The company is expected to announce its next earnings report after the market closes on Wednesday, November 1st.
According to Zacks, analysts expect that Life Storage will report full year earnings of $5.26 per share for the current fiscal year, with EPS estimates ranging from $5.21 to $5.33. For the next fiscal year, analysts anticipate that the company will post earnings of $5.39 per share, with EPS estimates ranging from $5.21 to $5.59. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Life Storage.
Life Storage (NYSE:LSI) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.02). The business had revenue of $132.78 million during the quarter, compared to analyst estimates of $132.62 million. Life Storage had a net margin of 10.28% and a return on equity of 2.56%. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.32 earnings per share.
A number of research firms have commented on LSI. KeyCorp reiterated a “hold” rating on shares of Life Storage in a research note on Thursday, October 12th. Zacks Investment Research raised shares of Life Storage from a “sell” rating to a “hold” rating in a report on Wednesday, October 4th. BidaskClub raised shares of Life Storage from a “hold” rating to a “buy” rating in a report on Monday, September 18th. Bank of America Corporation cut shares of Life Storage from a “neutral” rating to an “underperform” rating and increased their price objective for the stock from $73.00 to $77.00 in a report on Monday, September 25th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and issued a $73.00 price objective on shares of Life Storage in a report on Thursday, September 14th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $77.91.
Life Storage (NYSE:LSI) opened at 81.59 on Thursday. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 71.38 and a beta of 0.59. The firm has a 50-day moving average of $80.24 and a 200-day moving average of $77.04. Life Storage has a 1-year low of $69.00 and a 1-year high of $89.24.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 26th. Investors of record on Friday, October 13th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $4.00 annualized dividend and a yield of 4.90%. Life Storage’s dividend payout ratio (DPR) is 347.83%.
Life Storage announced that its Board of Directors has authorized a stock buyback program on Wednesday, August 2nd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the real estate investment trust to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In related news, insider Paul T. Powell purchased 700 shares of the stock in a transaction dated Monday, August 21st. The stock was bought at an average cost of $71.57 per share, with a total value of $50,099.00. Following the purchase, the insider now directly owns 44,996 shares in the company, valued at approximately $3,220,363.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew J. Gregoire purchased 1,500 shares of the stock in a transaction dated Monday, August 21st. The stock was bought at an average cost of $71.65 per share, with a total value of $107,475.00. Following the completion of the purchase, the chief financial officer now owns 48,173 shares in the company, valued at $3,451,595.45. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,190 shares of company stock valued at $230,042 over the last three months. Company insiders own 1.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Perigon Wealth Management LLC grew its position in shares of Life Storage by 34.0% in the 2nd quarter. Perigon Wealth Management LLC now owns 3,150 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 800 shares during the period. Brookfield Asset Management Inc. boosted its position in Life Storage by 12.1% during the 2nd quarter. Brookfield Asset Management Inc. now owns 1,272,882 shares of the real estate investment trust’s stock worth $94,321,000 after acquiring an additional 137,682 shares during the last quarter. WFG Advisors LP boosted its position in Life Storage by 31.5% during the 2nd quarter. WFG Advisors LP now owns 10,543 shares of the real estate investment trust’s stock worth $781,000 after acquiring an additional 2,525 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in Life Storage by 0.8% during the 2nd quarter. Westwood Holdings Group Inc. now owns 9,770 shares of the real estate investment trust’s stock worth $724,000 after acquiring an additional 75 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in Life Storage by 1.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,914 shares of the real estate investment trust’s stock worth $1,031,000 after acquiring an additional 210 shares during the last quarter. 99.50% of the stock is owned by institutional investors.
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Life Storage Company Profile
Life Storage, Inc, formerly Sovran Self Storage, Inc, is a self-administered and self-managed real estate company. The Company acquires, owns and manages self-storage properties. The Company owns its assets and conducts its operations through Life Storage LP (the Operating Partnership) and subsidiaries of the Operating Partnership.
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