Zacks Investment Research Downgrades Life Storage (NYSE:LSI) to Hold

Life Storage (NYSE:LSI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Life Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust which acquires and manages self-storage properties. The company’s brand name consists of Life Storage(R) and Uncle Bob’s Self Storage(R). Life Storage, Inc., formerly known as Sovran Self Storage, Inc., is headquartered in Buffalo, New York. “

A number of other equities analysts have also recently weighed in on the stock. Robert W. Baird raised shares of Life Storage from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $92.00 to $101.00 in a research report on Wednesday, August 21st. Stifel Nicolaus started coverage on shares of Life Storage in a research report on Monday, August 19th. They set a “hold” rating and a $106.00 price objective for the company. KeyCorp raised their price target on shares of Life Storage from $106.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Finally, Raymond James raised their price target on shares of Life Storage from $106.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $109.00.

Shares of NYSE:LSI traded up $2.03 during mid-day trading on Thursday, reaching $106.77. 680,508 shares of the company were exchanged, compared to its average volume of 336,808. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 4.93 and a beta of 0.33. The firm’s 50-day simple moving average is $104.97 and its 200 day simple moving average is $99.44. Life Storage has a 1 year low of $88.92 and a 1 year high of $107.90.

Life Storage (NYSE:LSI) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.54). The company had revenue of $145.00 million for the quarter, compared to analysts’ expectations of $142.96 million. Life Storage had a return on equity of 10.21% and a net margin of 37.17%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.39 EPS. On average, research analysts forecast that Life Storage will post 5.59 earnings per share for the current fiscal year.

In other Life Storage news, Director Charles E. Lannon sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $103.49, for a total value of $206,980.00. Following the completion of the transaction, the director now owns 117,152 shares of the company’s stock, valued at approximately $12,124,060.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew J. Gregoire sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $105.04, for a total transaction of $315,120.00. Following the completion of the transaction, the chief financial officer now directly owns 52,224 shares of the company’s stock, valued at approximately $5,485,608.96. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock valued at $679,690 in the last three months. 0.80% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. 6 Meridian lifted its position in shares of Life Storage by 2.4% during the 2nd quarter. 6 Meridian now owns 5,215 shares of the real estate investment trust’s stock worth $496,000 after purchasing an additional 120 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Life Storage by 1.4% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 8,620 shares of the real estate investment trust’s stock worth $820,000 after purchasing an additional 120 shares during the last quarter. Eii Capital Management Inc. lifted its position in shares of Life Storage by 0.8% during the 2nd quarter. Eii Capital Management Inc. now owns 19,702 shares of the real estate investment trust’s stock worth $1,873,000 after purchasing an additional 162 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in shares of Life Storage by 0.8% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 22,575 shares of the real estate investment trust’s stock worth $2,147,000 after purchasing an additional 182 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its position in shares of Life Storage by 5.3% during the 2nd quarter. Panagora Asset Management Inc. now owns 3,890 shares of the real estate investment trust’s stock worth $370,000 after purchasing an additional 195 shares during the last quarter. 92.77% of the stock is owned by institutional investors and hedge funds.

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 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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