Life Storage Inc (NYSE:LSI) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 1,542,500 shares, a drop of 21.5% from the May 30th total of 1,965,000 shares. Currently, 3.4% of the company’s stock are short sold. Based on an average daily volume of 414,800 shares, the days-to-cover ratio is presently 3.7 days.
In related news, Director Arthur L. Havener, Jr. sold 598 shares of Life Storage stock in a transaction on Monday, May 13th. The shares were sold at an average price of $95.77, for a total value of $57,270.46. Following the completion of the sale, the director now owns 6,728 shares of the company’s stock, valued at approximately $644,340.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.80% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Advisor Group Inc. boosted its holdings in Life Storage by 68.8% during the 4th quarter. Advisor Group Inc. now owns 466 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 190 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Life Storage by 867.0% during the 1st quarter. Quadrant Capital Group LLC now owns 938 shares of the real estate investment trust’s stock worth $89,000 after purchasing an additional 841 shares during the period. NumerixS Investment Technologies Inc bought a new stake in shares of Life Storage during the 1st quarter worth $98,000. PNC Financial Services Group Inc. raised its stake in shares of Life Storage by 8.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,828 shares of the real estate investment trust’s stock worth $172,000 after purchasing an additional 150 shares during the period. Finally, Hudson Valley Investment Advisors Inc. ADV bought a new stake in shares of Life Storage during the 1st quarter worth $208,000. 95.76% of the stock is currently owned by hedge funds and other institutional investors.
LSI has been the subject of several research reports. Evercore ISI downgraded shares of Prologis from an “outperform” rating to an “in-line” rating and lifted their price target for the company from $75.00 to $78.00 in a research report on Monday, May 20th. Zacks Investment Research downgraded shares of Farmers & Merchants Bancorp, Inc. (OH) from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 9th. ValuEngine raised shares of Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Raymond James downgraded shares of First Midwest Bancorp to a “hold” rating in a research report on Monday, July 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $99.00.
LSI traded up $0.43 during mid-day trading on Friday, reaching $100.59. 298,871 shares of the stock were exchanged, compared to its average volume of 378,227. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.26 and a quick ratio of 0.26. The stock has a market capitalization of $4.69 billion, a PE ratio of 18.26, a PEG ratio of 4.53 and a beta of 0.37. The business has a 50 day moving average of $97.45. Life Storage has a 1 year low of $88.92 and a 1 year high of $102.91.
Life Storage (NYSE:LSI) last posted its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.32 by ($0.58). The firm had revenue of $136.52 million for the quarter, compared to analysts’ expectations of $136.41 million. Life Storage had a return on equity of 10.17% and a net margin of 37.37%. Life Storage’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.27 earnings per share. On average, equities research analysts expect that Life Storage will post 5.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Tuesday, July 16th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Monday, July 15th. Life Storage’s dividend payout ratio is 72.60%.
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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