Neuberger Berman Group LLC Trims Holdings in Life Storage, Inc. (LSI)
Neuberger Berman Group LLC reduced its position in shares of Life Storage, Inc. (NYSE:LSI) by 8.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 59,964 shares of the real estate investment trust’s stock after selling 5,309 shares during the quarter. Neuberger Berman Group LLC owned about 0.13% of Life Storage worth $4,443,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Pacer Advisors Inc. increased its holdings in Life Storage by 11.9% during the 2nd quarter. Pacer Advisors Inc. now owns 7,407 shares of the real estate investment trust’s stock worth $549,000 after purchasing an additional 787 shares during the period. Utah Retirement Systems increased its holdings in Life Storage by 3.9% during the 2nd quarter. Utah Retirement Systems now owns 9,971 shares of the real estate investment trust’s stock worth $739,000 after purchasing an additional 375 shares during the period. Canandaigua National Bank & Trust Co. increased its holdings in Life Storage by 78.2% during the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 5,127 shares of the real estate investment trust’s stock worth $380,000 after purchasing an additional 2,250 shares during the period. Prudential Financial Inc. increased its holdings in Life Storage by 3.8% during the 2nd quarter. Prudential Financial Inc. now owns 31,913 shares of the real estate investment trust’s stock worth $2,365,000 after purchasing an additional 1,163 shares during the period. Finally, Intersect Capital LLC purchased a new position in Life Storage during the 2nd quarter worth $956,000. Institutional investors own 99.62% of the company’s stock.
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Shares of Life Storage, Inc. (NYSE LSI) opened at 77.32 on Wednesday. The firm has a market cap of $3.58 billion, a PE ratio of 67.65 and a beta of 0.57. The stock has a 50 day moving average price of $74.16 and a 200-day moving average price of $77.76. Life Storage, Inc. has a 52-week low of $69.00 and a 52-week high of $95.05.
Life Storage (NYSE:LSI) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.02). Life Storage had a return on equity of 2.56% and a net margin of 10.28%. The company had revenue of $132.78 million for the quarter, compared to analysts’ expectations of $132.62 million. During the same period in the prior year, the company posted $1.32 EPS. The firm’s revenue was up 24.1% compared to the same quarter last year. On average, equities analysts anticipate that Life Storage, Inc. will post $1.92 EPS for the current fiscal year.
In related news, Director Arthur L. Havener, Jr. acquired 990 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were acquired at an average price of $73.20 per share, with a total value of $72,468.00. Following the completion of the transaction, the director now owns 7,413 shares of the company’s stock, valued at $542,631.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Andrew J. Gregoire bought 1,500 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was acquired at an average cost of $71.65 per share, for a total transaction of $107,475.00. Following the acquisition, the chief financial officer now directly owns 48,173 shares of the company’s stock, valued at $3,451,595.45. The disclosure for this purchase can be found here. Insiders have bought 3,190 shares of company stock worth $230,042 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.
LSI has been the topic of several research reports. Zacks Investment Research upgraded Life Storage from a “sell” rating to a “hold” rating in a report on Wednesday, May 24th. ValuEngine downgraded Life Storage from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $80.00 target price on shares of Life Storage in a research report on Wednesday, June 14th. TheStreet cut Life Storage from a “b-” rating to a “c+” rating in a research report on Monday, June 19th. Finally, Bank of America Corporation dropped their target price on Life Storage from $82.00 to $76.00 and set a “neutral” rating on the stock in a research report on Thursday, July 20th. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. Life Storage has a consensus rating of “Hold” and an average price target of $77.82.
About Life Storage
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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