FY2023 Earnings Forecast for Life Storage, Inc. Issued By KeyCorp (NYSE:LSI)

Life Storage, Inc. (NYSE:LSI – Get Rating) – Stock analysts at KeyCorp lowered their FY2023 earnings estimates for shares of Life Storage in a report issued on Sunday, March 12th. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings per share of $7.02 for the year, down from their prior forecast of $7.20. KeyCorp currently has a “Overweight” rating and a $136.00 price target on the stock. The consensus estimate for Life Storage’s current full-year earnings is $6.92 per share. KeyCorp also issued estimates for Life Storage’s Q1 2024 earnings at $1.77 EPS, Q2 2024 earnings at $1.87 EPS, Q3 2024 earnings at $1.90 EPS, Q4 2024 earnings at $1.89 EPS and FY2024 earnings at $7.42 EPS.

Other research analysts have also issued research reports about the stock. Raymond James reduced their price objective on shares of Life Storage from $145.00 to $116.00 and set an “outperform” rating on the stock in a research note on Monday, January 9th. StockNews.com initiated coverage on shares of Life Storage in a report on Friday, March 10th. They set a “hold” rating on the stock. Citigroup cut shares of Life Storage from a “buy” rating to a “neutral” rating and set a $126.00 price objective for the company. in a research report on Wednesday, February 8th. Jefferies Financial Group cut shares of Life Storage from a “buy” rating to a “hold” rating and cut their price objective for the stock from $123.00 to $97.00 in a research report on Monday, January 2nd. Finally, Truist Financial boosted their target price on Life Storage from $115.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, March 8th. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $125.20.

Life Storage Trading Up 1.1 %

LSI opened at $120.28 on Tuesday. The stock has a market capitalization of $10.23 billion, a PE ratio of 28.32 and a beta of 0.63. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.93. Life Storage has a 1-year low of $94.02 and a 1-year high of $151.76. The firm has a 50-day moving average price of $113.20 and a two-hundred day moving average price of $110.66.

Institutional Trading of Life Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. purchased a new position in shares of Life Storage in the 4th quarter valued at about $28,000. Brown Brothers Harriman & Co. purchased a new stake in Life Storage during the 1st quarter worth approximately $32,000. Bank of New Hampshire increased its stake in Life Storage by 55.4% during the 3rd quarter. Bank of New Hampshire now owns 300 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 107 shares in the last quarter. Raleigh Capital Management Inc. increased its stake in Life Storage by 148.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 333 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 199 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in Life Storage during the 1st quarter worth approximately $38,000. Institutional investors and hedge funds own 89.61% of the company’s stock.

Insider Activity at Life Storage

In other Life Storage news, CEO Joseph Saffire sold 6,130 shares of the firm’s stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $99.73, for a total transaction of $611,344.90. Following the transaction, the chief executive officer now directly owns 71,921 shares in the company, valued at approximately $7,172,681.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is owned by corporate insiders.

Life Storage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 26th. Investors of record on Friday, January 13th were given a dividend of $1.20 per share. The ex-dividend date was Thursday, January 12th. This represents a $4.80 annualized dividend and a dividend yield of 3.99%. This is a boost from Life Storage’s previous quarterly dividend of $1.08. Life Storage’s dividend payout ratio (DPR) is currently 113.48%.

About Life Storage

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Life Storage, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of self-storage properties. It offers commercial, vehicle, and wine storage services. The company was founded by Robert J. Attea, David L. Rogers, Kenneth F. Myszka, and Charles E. Lannon in 1982 and is headquartered in Buffalo, NY.