Reinhart Partners Inc. lowered its position in Life Storage Inc (NYSE:LSI) by 0.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,426 shares of the real estate investment trust’s stock after selling 171 shares during the period. Reinhart Partners Inc. owned approximately 0.10% of Life Storage worth $5,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. 1 North Wealth Services LLC bought a new stake in Life Storage in the third quarter worth about $30,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Life Storage during the second quarter worth approximately $28,000. AdvisorNet Financial Inc purchased a new position in shares of Life Storage during the third quarter worth approximately $46,000. Quadrant Capital Group LLC increased its position in shares of Life Storage by 121.7% during the third quarter. Quadrant Capital Group LLC now owns 878 shares of the real estate investment trust’s stock worth $90,000 after acquiring an additional 482 shares during the period. Finally, TRUE Private Wealth Advisors purchased a new position in shares of Life Storage during the second quarter worth approximately $85,000. 91.21% of the stock is owned by institutional investors and hedge funds.
In other news, CFO Andrew J. Gregoire sold 3,000 shares of Life Storage stock in a transaction 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 sale, the chief financial officer now directly owns 52,224 shares in the company, valued at $5,485,608.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Edward F. Killeen sold 1,500 shares of Life Storage stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $105.06, for a total transaction of $157,590.00. Following the sale, the chief operating officer now owns 26,998 shares of the company’s stock, valued at $2,836,409.88. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.
Life Storage (NYSE:LSI) last issued its quarterly earnings data on Wednesday, October 30th. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.60). Life Storage had a net margin of 54.38% and a return on equity of 14.85%. The business had revenue of $145.63 million for the quarter, compared to analysts’ expectations of $146.77 million. During the same period in the previous year, the business earned $1.45 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts predict that Life Storage Inc will post 5.61 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Tuesday, October 15th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Friday, October 11th. Life Storage’s dividend payout ratio is currently 72.60%.
LSI has been the topic of a number of research reports. Raymond James raised their target price on shares of Life Storage from $106.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 17th. Stifel Nicolaus raised shares of Life Storage from a “hold” rating to a “buy” rating and raised their target price for the stock from $106.00 to $114.00 in a research report on Thursday, October 31st. Zacks Investment Research raised shares of Life Storage from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a research report on Tuesday, October 15th. KeyCorp raised their target price on shares of Life Storage from $110.00 to $114.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, Jefferies Financial Group raised shares of Life Storage from a “hold” rating to a “buy” rating and raised their target price for the stock from $113.00 to $122.00 in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $110.00.
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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