Life Storage, Inc. (NYSE:LSI) announced a quarterly dividend on Tuesday, October 3rd, RTT News reports. Investors of record on Friday, October 13th will be paid a dividend of 1.00 per share by the real estate investment trust on Thursday, October 26th. This represents a $4.00 annualized dividend and a dividend yield of 4.94%. The ex-dividend date of this dividend is Thursday, October 12th.
Life Storage has raised its dividend payment by an average of 151.1% per year over the last three years. Life Storage has a dividend payout ratio of 76.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Life Storage to earn $5.37 per share next year, which means the company should continue to be able to cover its $4.00 annual dividend with an expected future payout ratio of 74.5%.
Shares of Life Storage (LSI) opened at 81.04 on Wednesday. Life Storage has a 52 week low of $69.00 and a 52 week high of $89.24. The company has a market cap of $3.76 billion, a PE ratio of 70.90 and a beta of 0.59. The company has a 50 day moving average price of $79.01 and a 200 day moving average price of $77.04.
Life Storage (NYSE:LSI) last announced its earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.35 by ($0.02). Life Storage had a net margin of 10.28% and a return on equity of 2.56%. The firm had revenue of $132.78 million during the quarter, compared to analyst estimates of $132.62 million. During the same period in the prior year, the business posted $1.32 EPS. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. On average, equities analysts expect that Life Storage will post $1.91 earnings per share for the current year.
Life Storage announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 2nd that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
In related news, Director Arthur L. Havener, Jr. purchased 990 shares of the stock in a transaction on Monday, August 21st. The shares were purchased at an average price of $73.20 per share, with a total value of $72,468.00. Following the transaction, the director now directly owns 7,413 shares of the company’s stock, valued at $542,631.60. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul T. Powell purchased 700 shares of the stock in a transaction on Monday, August 21st. The shares were bought at an average cost of $71.57 per share, for a total transaction of $50,099.00. Following the transaction, the insider now directly owns 44,996 shares in the company, valued at $3,220,363.72. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,190 shares of company stock worth $230,042 in the last ninety days. Insiders own 1.90% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Zacks Investment Research raised Life Storage from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. BidaskClub raised Life Storage from a “hold” rating to a “buy” rating in a research report on Monday, September 18th. Bank of America Corporation lowered Life Storage from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $73.00 to $77.00 in a research report on Monday, September 25th. Evercore ISI reissued an “underperform” rating and issued a $76.00 target price (up previously from $71.00) on shares of Life Storage in a research report on Thursday, September 14th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and set a $73.00 price target on shares of Life Storage in a research report on Thursday, September 14th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $77.91.
Life Storage Company Profile
Life Storage, Inc, formerly Sovran Self Storage, Inc, is a self-administered and self-managed real estate company. The Company acquires, owns and manages self-storage properties. The Company owns its assets and conducts its operations through Life Storage LP (the Operating Partnership) and subsidiaries of the Operating Partnership.
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