American International Group Inc. trimmed its stake in Life Storage Inc (NYSE:LSI) by 2.1% in the first quarter, HoldingsChannel reports. The firm owned 93,015 shares of the real estate investment trust’s stock after selling 1,973 shares during the quarter. American International Group Inc.’s holdings in Life Storage were worth $9,048,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of LSI. Lindbrook Capital LLC bought a new position in shares of Life Storage during the 4th quarter worth approximately $42,000. Advisor Group Inc. boosted its stake in shares of 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 period. Clean Yield Group bought a new position in shares of Life Storage during the 4th quarter worth approximately $74,000. Pearl River Capital LLC bought a new position in shares of Life Storage during the 4th quarter worth approximately $74,000. Finally, Quadrant Capital Group LLC boosted 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 acquiring an additional 841 shares during the period. Hedge funds and other institutional investors own 96.25% of the company’s stock.
Several brokerages have recently commented on LSI. ValuEngine downgraded Life Storage from a “buy” rating to a “hold” rating in a research note on Monday, April 1st. Bank of America set a $105.00 target price on Life Storage and gave the stock a “hold” rating in a research note on Friday, March 1st. Zacks Investment Research upgraded Life Storage from a “sell” rating to a “hold” rating in a research note on Friday, May 3rd. Finally, Evercore ISI upgraded Life Storage from an “underperform” rating to an “in-line” rating and set a $100.00 target price for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Life Storage has a consensus rating of “Hold” and an average price target of $98.13.
Life Storage (NYSE:LSI) last released its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $0.74 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by ($0.58). The firm had revenue of $136.52 million for the quarter, compared to analyst estimates of $136.41 million. Life Storage had a return on equity of 10.17% and a net margin of 37.37%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.27 earnings per share. On average, research analysts expect that Life Storage Inc will post 5.59 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Tuesday, April 16th were issued a dividend of $1.00 per share. The ex-dividend date was Monday, April 15th. This represents a $4.00 annualized dividend and a yield of 4.19%. Life Storage’s payout ratio is currently 72.60%.
In related news, Director David L. Rogers sold 10,000 shares of Life Storage stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $96.12, for a total transaction of $961,200.00. Following the completion of the sale, the director now directly owns 120,000 shares of the company’s stock, valued at approximately $11,534,400. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Arthur L. Havener, Jr. sold 598 shares of Life Storage stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $95.77, for a total value of $57,270.46. Following the sale, the director now directly owns 6,728 shares of the company’s stock, valued at $644,340.56. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
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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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