KeyCorp Analysts Reduce Earnings Estimates for Life Storage, Inc. (NYSE:LSI)

Life Storage, Inc. (NYSE:LSI – Get Rating) – Analysts at KeyCorp decreased their FY2023 earnings per share (EPS) estimates for Life Storage in a research report issued on Sunday, March 12th. KeyCorp analyst T. Thomas now forecasts that the real estate investment trust will earn $7.02 per share for the year, down from their previous estimate of $7.20. KeyCorp 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 analysts also recently issued research reports about the company. Jefferies Financial Group downgraded Life Storage from a “buy” rating to a “hold” rating and cut their price target for the stock from $123.00 to $97.00 in a report on Monday, January 2nd. StockNews.com started coverage on Life Storage in a report on Friday, March 10th. They issued a “hold” rating on the stock. Raymond James decreased their target price on Life Storage from $145.00 to $116.00 and set an “outperform” rating on the stock in a report on Monday, January 9th. Citigroup downgraded Life Storage from a “buy” rating to a “neutral” rating and set a $126.00 price target on the stock. in a report on Wednesday, February 8th. Finally, Truist Financial lifted their price objective on Life Storage from $115.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, March 8th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $125.20.

Life Storage Price Performance

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

Life Storage Increases Dividend

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

Insider Activity at Life Storage

In related news, CEO Joseph Saffire sold 6,130 shares of Life Storage stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $99.73, for a total value of $611,344.90. Following the transaction, the chief executive officer now directly owns 71,921 shares of the company’s stock, valued at $7,172,681.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Life Storage

Several institutional investors have recently made changes to their positions in the stock. ST Germain D J Co. Inc. bought a new stake in Life Storage in the 4th quarter worth about $28,000. Brown Brothers Harriman & Co. purchased a new stake in Life Storage in the 1st quarter worth approximately $32,000. Bank of New Hampshire increased its holdings in shares of Life Storage by 55.4% in 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 during the last quarter. Raleigh Capital Management Inc. increased its holdings in shares of Life Storage by 148.5% in 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 during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Life Storage in the 1st quarter worth $38,000. Institutional investors and hedge funds own 89.61% of the company’s stock.

Life Storage Company Profile

(Get Rating)

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.