Sovran Self Storage Inc. (LSI) Sees Strong Trading Volume Following Dividend Announcement
Shares of Sovran Self Storage Inc. (NYSE:LSI) saw strong trading volume on Wednesday after the company announced a dividend. 572,553 shares were traded during mid-day trading, an increase of 15% from the previous session’s volume of 497,137 shares.The stock last traded at $85.08 and had previously closed at $86.46.
The newly announced dividend which will be paid on Wednesday, October 26th. Shareholders of record on Friday, October 14th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $3.80 annualized dividend and a yield of 4.40%. Sovran Self Storage’s payout ratio is 109.51%.
Several research analysts have weighed in on the company. Zacks Investment Research upgraded Sovran Self Storage from a “sell” rating to a “hold” rating in a research note on Thursday, September 1st. Jefferies Group reaffirmed a “buy” rating and set a $135.00 price objective on shares of Sovran Self Storage in a report on Thursday, August 4th. KeyCorp cut Sovran Self Storage from a “sector weight” rating to an “underweight” rating and set a $84.00 price objective on the stock. in a report on Thursday, August 4th. FBR & Co assumed coverage on Sovran Self Storage in a report on Wednesday, June 22nd. They set a “market perform” rating and a $106.00 price objective on the stock. Finally, Citigroup Inc. decreased their price objective on Sovran Self Storage from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, August 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Sovran Self Storage has a consensus rating of “Hold” and a consensus target price of $110.68.
The company’s 50-day moving average is $90.46 and its 200 day moving average is $102.97. The firm has a market cap of $3.58 billion, a P/E ratio of 24.4311 and a beta of 0.78.
Sovran Self Storage (NYSE:LSI) last issued its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $1.32 EPS for the quarter, meeting the consensus estimate of $1.32. Sovran Self Storage had a return on equity of 8.95% and a net margin of 33.62%. The company had revenue of $107.10 million for the quarter, compared to analyst estimates of $104.90 million. During the same period last year, the company earned $1.24 earnings per share. Sovran Self Storage’s quarterly revenue was up 18.0% compared to the same quarter last year. On average, analysts expect that Sovran Self Storage Inc. will post $5.33 earnings per share for the current fiscal year.
In other Sovran Self Storage news, Director Arthur L. Havener, Jr. acquired 352 shares of the company’s stock in a transaction on Friday, August 26th. The shares were bought at an average cost of $87.07 per share, with a total value of $30,648.64. Following the completion of the acquisition, the director now owns 2,915 shares in the company, valued at $253,809.05. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur L. Havener, Jr. acquired 600 shares of the company’s stock in a transaction on Wednesday, August 24th. The stock was acquired at an average cost of $88.55 per share, for a total transaction of $53,130.00. Following the completion of the acquisition, the director now owns 2,563 shares of the company’s stock, valued at approximately $226,953.65. The disclosure for this purchase can be found here. 2.30% of the stock is owned by company insiders.
An institutional investor recently bought a new position in Sovran Self Storage stock. BNP Paribas Arbitrage SA purchased a new position in Sovran Self Storage Inc. (NYSE:LSI) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 10,312 shares of the real estate investment trust’s stock, valued at approximately $917,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.
Sovran Self Storage Company Profile
Life Storage, Inc, formerly Sovran Self Storage, Inc, is a self-administered and self-managed real estate investment trust. The Company owns and operates self-storage facilities throughout the United States. As of June 30, 2016, the Company had an ownership interest in, and/or managed approximately 563 self-storage properties in over 26 states under the name Life Storage.
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