Life Storage (NYSE:LSI) Posts Earnings Results, Misses Estimates By $0.44 EPS

Life Storage (NYSE:LSIGet Rating) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.44), RTT News reports. Life Storage had a return on equity of 9.20% and a net margin of 33.90%. During the same period in the previous year, the firm posted $1.20 EPS.

Life Storage Stock Up 1.0 %

Life Storage stock traded up $1.22 during midday trading on Friday, hitting $128.66. 420,185 shares of the company were exchanged, compared to its average volume of 545,711. The company’s fifty day moving average price is $114.55 and its 200-day moving average price is $125.94. The company has a market cap of $10.85 billion, a PE ratio of 34.22, a price-to-earnings-growth ratio of 5.41 and a beta of 0.60. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.45 and a quick ratio of 0.62. Life Storage has a fifty-two week low of $100.66 and a fifty-two week high of $154.45.

Life Storage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 26th. Stockholders of record on Friday, July 15th were paid a $1.08 dividend. This is a positive change from Life Storage’s previous quarterly dividend of $1.00. This represents a $4.32 annualized dividend and a dividend yield of 3.36%. The ex-dividend date was Thursday, July 14th. Life Storage’s payout ratio is currently 114.89%.

Hedge Funds Weigh In On Life Storage

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cetera Investment Advisers lifted its position in Life Storage by 5.5% during the 1st quarter. Cetera Investment Advisers now owns 3,328 shares of the real estate investment trust’s stock worth $467,000 after acquiring an additional 174 shares in the last quarter. Stevens Capital Management LP lifted its position in Life Storage by 5.8% during the 1st quarter. Stevens Capital Management LP now owns 3,874 shares of the real estate investment trust’s stock worth $544,000 after acquiring an additional 212 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in Life Storage during the 1st quarter worth approximately $32,000. Point72 Hong Kong Ltd purchased a new stake in Life Storage during the 1st quarter worth approximately $38,000. Finally, Ontario Teachers Pension Plan Board increased its holdings in Life Storage by 11.8% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 2,676 shares of the real estate investment trust’s stock worth $376,000 after purchasing an additional 283 shares during the last quarter. 91.67% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on LSI. Jefferies Financial Group dropped their price objective on Life Storage from $166.00 to $127.00 and set a “buy” rating for the company in a research report on Thursday, June 30th. Raymond James dropped their price objective on Life Storage from $145.00 to $125.00 in a research report on Monday, May 23rd. KeyCorp dropped their price objective on Life Storage from $160.00 to $144.00 and set an “overweight” rating for the company in a research report on Thursday, June 16th. BMO Capital Markets lowered Life Storage from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $150.00 to $130.00 in a research note on Thursday, May 19th. Finally, Bank of America lowered Life Storage from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $141.00 to $133.00 in a research note on Tuesday, June 21st. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $141.73.

About Life Storage

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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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Earnings History for Life Storage (NYSE:LSI)

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