Cohen & Steers Inc. grew its holdings in shares of Life Storage, Inc. (NYSE:LSI – Get Rating) by 32,733.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,488 shares of the real estate investment trust’s stock after buying an additional 77,252 shares during the quarter. Cohen & Steers Inc. owned 0.09% of Life Storage worth $10,882,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in Life Storage by 320.0% in the first quarter. Allworth Financial LP now owns 189 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 144 shares during the last quarter. Whittier Trust Co. purchased a new position in Life Storage in the first quarter valued at about $28,000. Meeder Asset Management Inc. purchased a new position in Life Storage in the first quarter valued at about $28,000. Fifth Third Bancorp boosted its stake 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 acquiring an additional 92 shares during the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new position in Life Storage in the first quarter valued at about $32,000. 91.03% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have weighed in on the stock. Citigroup boosted their target price on shares of Life Storage to $154.00 in a research note on Monday, August 22nd. Truist Financial boosted their price target on shares of Life Storage from $132.00 to $138.00 and gave the company a “hold” rating in a research report on Monday, August 15th. BMO Capital Markets lowered shares of Life Storage from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $150.00 to $130.00 in a research report on Thursday, May 19th. Raymond James boosted their price target on shares of Life Storage from $125.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, August 16th. Finally, Bank of America lowered shares of Life Storage from a “buy” rating to a “neutral” rating and lowered their price target for the company from $141.00 to $133.00 in a research report on Tuesday, June 21st. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $145.36.
Life Storage Price Performance
Life Storage (NYSE:LSI – Get Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.44). Life Storage had a net margin of 33.90% and a return on equity of 9.20%. During the same quarter in the previous year, the firm posted $1.20 earnings per share. On average, equities research analysts anticipate that Life Storage, Inc. will post 6.39 earnings per share for the current fiscal year.
Life Storage Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 26th. Stockholders of record on Friday, July 15th were paid a $1.08 dividend. This is a boost from Life Storage’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, July 14th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.36%. Life Storage’s dividend payout ratio is 114.89%.
In other Life Storage news, CEO Joseph Saffire sold 5,044 shares of the stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $131.22, for a total transaction of $661,873.68. Following the completion of the sale, the chief executive officer now owns 61,305 shares of the company’s stock, valued at approximately $8,044,442.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by corporate insiders.
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 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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