State of Alaska Department of Revenue Lowers Position in Life Storage Inc (NYSE:LSI)

State of Alaska Department of Revenue cut its stake in shares of Life Storage Inc (NYSE:LSI) by 47.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,126 shares of the real estate investment trust’s stock after selling 11,016 shares during the period. State of Alaska Department of Revenue’s holdings in Life Storage were worth $1,278,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. PGGM Investments purchased a new position in shares of Life Storage in the second quarter valued at about $227,266,000. Invesco Ltd. increased its stake in Life Storage by 4.7% during the second quarter. Invesco Ltd. now owns 1,022,029 shares of the real estate investment trust’s stock worth $97,175,000 after acquiring an additional 46,116 shares during the last quarter. Northern Trust Corp increased its stake in Life Storage by 47.1% during the first quarter. Northern Trust Corp now owns 924,685 shares of the real estate investment trust’s stock worth $89,944,000 after acquiring an additional 296,148 shares during the last quarter. Nuveen Asset Management LLC increased its stake in Life Storage by 232.0% during the second quarter. Nuveen Asset Management LLC now owns 774,147 shares of the real estate investment trust’s stock worth $73,606,000 after acquiring an additional 540,976 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Life Storage by 0.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 736,887 shares of the real estate investment trust’s stock worth $70,064,000 after acquiring an additional 5,188 shares during the last quarter. Institutional investors own 92.77% of the company’s stock.

Life Storage stock opened at $106.77 on Friday. The business has a fifty day moving average of $104.97 and a two-hundred day moving average of $99.44. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.92. The firm has a market cap of $4.96 billion, a P/E ratio of 19.11, a P/E/G ratio of 4.93 and a beta of 0.33. Life Storage Inc has a twelve month low of $88.92 and a twelve month high of $107.90.

Life Storage (NYSE:LSI) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.54). Life Storage had a return on equity of 10.21% and a net margin of 37.17%. The company had revenue of $145.00 million for the quarter, compared to analysts’ expectations of $142.96 million. During the same quarter in the prior year, the company earned $1.39 EPS. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. Equities analysts expect that Life Storage Inc will post 5.59 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $4.00 annualized dividend and a dividend yield of 3.75%. Life Storage’s dividend payout ratio is presently 72.60%.

In other news, Director Charles E. Lannon sold 2,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $103.49, for a total transaction of $206,980.00. Following the completion of the sale, the director now owns 117,152 shares in the company, valued at approximately $12,124,060.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Edward F. Killeen sold 1,500 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $105.06, for a total value of $157,590.00. Following the sale, the chief operating officer now owns 26,998 shares of the company’s stock, valued at approximately $2,836,409.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,500 shares of company stock valued at $679,690. Company insiders own 0.80% of the company’s stock.

A number of research analysts have recently commented on the company. Zacks Investment Research cut Life Storage from a “buy” rating to a “hold” rating in a research note on Thursday. Raymond James upped their target price on Life Storage from $106.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday, September 17th. KeyCorp upped their target price on Life Storage from $110.00 to $114.00 and gave the company an “overweight” rating in a research note on Friday. Jefferies Financial Group raised Life Storage from a “hold” rating to a “buy” rating and upped their target price for the company from $113.00 to $122.00 in a research note on Friday. Finally, Stifel Nicolaus assumed coverage on Life Storage in a research note on Monday, August 19th. They set a “hold” rating and a $106.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $109.00.

Life Storage Company Profile

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.

Further Reading: Net Margin

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Institutional Ownership by Quarter for Life Storage (NYSE:LSI)

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