Life Storage, Inc. (NYSE:LSI) Sees Large Decline in Short Interest

Life Storage, Inc. (NYSE:LSIGet Rating) was the recipient of a significant decline in short interest in July. As of July 15th, there was short interest totalling 1,590,000 shares, a decline of 15.0% from the June 30th total of 1,870,000 shares. Based on an average trading volume of 611,200 shares, the short-interest ratio is currently 2.6 days.

Institutional Investors Weigh In On Life Storage

A number of large investors have recently made changes to their positions in the stock. Level Four Advisory Services LLC grew its holdings in shares of Life Storage by 3.6% during the fourth quarter. Level Four Advisory Services LLC now owns 2,354 shares of the real estate investment trust’s stock valued at $361,000 after buying an additional 82 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Life Storage by 2.5% in the second quarter. Commonwealth Equity Services LLC now owns 3,644 shares of the real estate investment trust’s stock valued at $406,000 after purchasing an additional 90 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Life Storage by 70.8% in the first quarter. Fifth Third Bancorp now owns 222 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 92 shares during the last quarter. Commerce Bank boosted its holdings in Life Storage by 2.0% in the first quarter. Commerce Bank now owns 5,017 shares of the real estate investment trust’s stock valued at $705,000 after purchasing an additional 97 shares during the last quarter. Finally, Truist Financial Corp raised its position in shares of Life Storage by 0.4% in the second quarter. Truist Financial Corp now owns 28,726 shares of the real estate investment trust’s stock worth $3,208,000 after acquiring an additional 115 shares during the period. 91.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LSI. Truist Financial decreased their price target on shares of Life Storage from $138.00 to $132.00 and set a “hold” rating for the company in a research note on Wednesday, June 1st. BMO Capital Markets downgraded shares of Life Storage from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $150.00 to $130.00 in a research note on Thursday, May 19th. Bank of America downgraded shares of Life Storage from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $141.00 to $133.00 in a research note on Tuesday, June 21st. Raymond James reduced their price objective on shares of Life Storage from $145.00 to $125.00 in a research note on Monday, May 23rd. Finally, Jefferies Financial Group reduced their price objective on shares of Life Storage from $166.00 to $127.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $141.73.

Life Storage Price Performance

Shares of LSI opened at $122.33 on Wednesday. The firm has a market capitalization of $10.32 billion, a PE ratio of 35.87, a price-to-earnings-growth ratio of 5.65 and a beta of 0.60. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.62 and a quick ratio of 0.62. Life Storage has a 1-year low of $100.66 and a 1-year high of $154.45. The company’s fifty day moving average price is $113.83 and its 200-day moving average price is $126.08.

Life Storage (NYSE:LSIGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The real estate investment trust reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The company had revenue of $233.49 million for the quarter, compared to analysts’ expectations of $230.01 million. Life Storage had a net margin of 32.60% and a return on equity of 8.71%. Life Storage’s quarterly revenue was up 35.8% compared to the same quarter last year. During the same period last year, the firm earned $1.08 earnings per share. On average, equities research analysts predict that Life Storage will post 6.13 EPS for the current year.

Life Storage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 26th. Stockholders of record on Friday, July 15th were issued a dividend of $1.08 per share. The ex-dividend date was Thursday, July 14th. This is a positive change from Life Storage’s previous quarterly dividend of $1.00. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.53%. Life Storage’s payout ratio is 126.69%.

Life Storage Company Profile

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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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