JPMorgan Chase & Co. reduced its position in shares of Life Storage, Inc. (NYSE:LSI) by 77.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,767 shares of the real estate investment trust’s stock after selling 203,968 shares during the period. JPMorgan Chase & Co. owned approximately 0.12% of Life Storage worth $4,280,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in Life Storage by 9.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,414 shares of the real estate investment trust’s stock worth $116,000 after acquiring an additional 124 shares during the period. Perigon Wealth Management LLC acquired a new position in Life Storage during the first quarter worth about $193,000. Fox Run Management L.L.C. acquired a new position in Life Storage during the second quarter worth about $222,000. Paragon Capital Management Ltd acquired a new position in Life Storage during the second quarter worth about $232,000. Finally, LS Investment Advisors LLC grew its holdings in Life Storage by 14.9% during the second quarter. LS Investment Advisors LLC now owns 3,623 shares of the real estate investment trust’s stock worth $268,000 after acquiring an additional 470 shares during the period. 96.83% of the stock is currently owned by hedge funds and other institutional investors.

LSI has been the topic of a number of research analyst reports. Citigroup Inc. reaffirmed a “buy” rating and set a $85.00 target price (down from $98.00) on shares of Life Storage in a report on Thursday, August 10th. BidaskClub raised Life Storage from a “hold” rating to a “buy” rating in a report on Monday, September 18th. TheStreet lowered Life Storage from a “b-” rating to a “c+” rating in a report on Monday, June 19th. Jefferies Group LLC set a $72.00 target price on Life Storage and gave the stock a “hold” rating in a report on Friday, August 18th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and set a $73.00 target price on shares of Life Storage in a report on Thursday, September 14th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $77.91.

Life Storage, Inc. (LSI) opened at 82.25 on Friday. The company has a 50-day moving average price of $78.49 and a 200-day moving average price of $77.18. Life Storage, Inc. has a 52 week low of $69.00 and a 52 week high of $89.24. The stock has a market cap of $3.81 billion, a PE ratio of 71.96 and a beta of 0.59.

Life Storage (NYSE:LSI) last released its earnings results on Wednesday, August 2nd. The real estate investment trust reported $1.33 earnings per share for the quarter, missing the 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 company had revenue of $132.78 million during the quarter, compared to analyst estimates of $132.62 million. During the same period in the previous year, the company posted $1.32 EPS. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. Analysts anticipate that Life Storage, Inc. will post $1.91 earnings per share for the current year.

Life Storage declared that its board has authorized a stock repurchase plan on Wednesday, August 2nd that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 26th. Shareholders of record on Friday, October 13th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 4.86%. The ex-dividend date is Thursday, October 12th. Life Storage’s payout ratio is 347.83%.

In related news, Director Arthur L. Havener, Jr. bought 990 shares of the business’s 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 completion of the purchase, the director now owns 7,413 shares of the company’s stock, valued at approximately $542,631.60. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Andrew J. Gregoire bought 1,500 shares of the business’s stock in a transaction on Monday, August 21st. The stock was bought at an average cost of $71.65 per share, for a total transaction of $107,475.00. Following the purchase, the chief financial officer now directly owns 48,173 shares of the company’s stock, valued at approximately $3,451,595.45. The disclosure for this purchase can be found here. Insiders acquired 3,190 shares of company stock worth $230,042 in the last three months. Insiders own 1.90% of the company’s stock.

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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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Institutional Ownership by Quarter for Life Storage (NYSE:LSI)

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