Sovran Self Storage Inc. (LSI) Cut to “Sell” at Zacks Investment Research
Sovran Self Storage Inc. (NYSE:LSI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Life Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust which acquires and manages self-storage properties. The company’s brand name consists of Life Storage(R) and Uncle Bob’s Self Storage(R). Life Storage, Inc., formerly known as Sovran Self Storage, Inc., is headquartered in Buffalo, New York. “
LSI has been the topic of several other reports. Cantor Fitzgerald set a $108.00 price target on shares of Sovran Self Storage and gave the stock a “buy” rating in a report on Wednesday, November 2nd. Jefferies Group reiterated a “buy” rating and set a $135.00 price objective on shares of Sovran Self Storage in a research note on Thursday, August 4th. KeyCorp downgraded shares of Sovran Self Storage from a “sector weight” rating to an “underweight” rating and set a $84.00 price objective for the company. in a research note on Thursday, August 4th. DA Davidson reiterated a “hold” rating on shares of Sovran Self Storage in a research note on Thursday. Finally, Citigroup Inc. lowered their price objective on shares of Sovran Self Storage from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, August 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $106.14.
Shares of Sovran Self Storage (NYSE:LSI) opened at 81.02 on Friday. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 34.11 and a beta of 0.62. The firm has a 50-day moving average price of $85.43 and a 200-day moving average price of $97.32. Sovran Self Storage has a 52 week low of $77.00 and a 52 week high of $118.18.
Sovran Self Storage (NYSE:LSI) last released its quarterly earnings results on Wednesday, November 2nd. The real estate investment trust reported $1.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $1.20. Sovran Self Storage had a net margin of 22.63% and a return on equity of 5.62%. The business had revenue of $127.80 million for the quarter, compared to analyst estimates of $122.29 million. During the same period in the previous year, the company earned $1.32 earnings per share. The business’s revenue for the quarter was up 34.0% on a year-over-year basis. On average, equities analysts anticipate that Sovran Self Storage will post $5.29 earnings per share for the current year.
In other Sovran Self Storage news, President Kenneth F. Myszka sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $90.11, for a total value of $270,330.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur L. Havener, Jr. acquired 370 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was purchased at an average price of $88.97 per share, with a total value of $32,918.90. Following the transaction, the director now owns 1,963 shares of the company’s stock, valued at approximately $174,648.11. The disclosure for this purchase can be found here. 2.60% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. New Mexico Educational Retirement Board purchased a new position in shares of Sovran Self Storage during the third quarter worth $576,000. Spirit of America Management Corp NY bought a new stake in Sovran Self Storage during the third quarter worth approximately $2,819,000. MSI Financial Services Inc bought a new stake in Sovran Self Storage during the third quarter worth approximately $200,000. Canandaigua National Bank & Trust Co. bought a new stake in Sovran Self Storage during the third quarter worth approximately $272,000. Finally, Nisa Investment Advisors LLC bought a new stake in Sovran Self Storage during the third quarter worth approximately $907,000. Institutional investors and hedge funds own 90.00% of the company’s stock.
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 across the United States. As of June 30, 2016, the Company had an ownership interest in and/or managed 563 self-storage properties in 26 states under the name Uncle Bob’s Self Storage.
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