31,700 Shares in Sovran Self Storage Inc. (LSI) Acquired by Spirit of America Management Corp NY
Spirit of America Management Corp NY bought a new stake in Sovran Self Storage Inc. (NYSE:LSI) during the third quarter, according to its most recent disclosure with the SEC. The fund bought 31,700 shares of the real estate investment trust’s stock, valued at approximately $2,819,000. Spirit of America Management Corp NY owned approximately 0.08% of Sovran Self Storage at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. MSI Financial Services Inc acquired a new stake in Sovran Self Storage during the third quarter valued at about $200,000. Canandaigua National Bank & Trust Co. bought a new stake in Sovran Self Storage during the third quarter valued at about $272,000. Nisa Investment Advisors LLC bought a new stake in Sovran Self Storage during the third quarter valued at about $907,000. Capstone Asset Management Co. bought a new stake in Sovran Self Storage during the third quarter valued at about $481,000. Finally, Pensionfund Sabic bought a new stake in Sovran Self Storage during the third quarter valued at about $382,000. Hedge funds and other institutional investors own 91.83% of the company’s stock.
Shares of Sovran Self Storage Inc. (NYSE:LSI) traded down 1.16% on Wednesday, reaching $81.23. The company had a trading volume of 395,357 shares. The firm has a market capitalization of $3.75 billion, a PE ratio of 34.20 and a beta of 0.62. The firm’s 50 day moving average is $82.18 and its 200 day moving average is $94.27. Sovran Self Storage Inc. has a 12 month low of $77.00 and a 12 month high of $118.18.
Sovran Self Storage (NYSE:LSI) last released its quarterly earnings data on Wednesday, November 2nd. The real estate investment trust reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $1.20. Sovran Self Storage had a return on equity of 5.62% and a net margin of 22.63%. The firm had revenue of $127.80 million for the quarter, compared to analysts’ expectations of $122.29 million. During the same period in the prior year, the firm posted $1.32 earnings per share. The firm’s quarterly revenue was up 34.0% on a year-over-year basis. On average, equities research analysts expect that Sovran Self Storage Inc. will post $5.23 earnings per share for the current fiscal year.
A number of equities research analysts recently issued reports on LSI shares. KeyCorp lowered Sovran Self Storage from a “sector weight” rating to an “underweight” rating and set a $84.00 price target for the company. in a research note on Thursday, August 4th. Jefferies Group restated a “buy” rating and set a $135.00 price objective on shares of Sovran Self Storage in a report on Thursday, August 4th. DA Davidson reduced 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 8th. Raymond James Financial Inc. downgraded Sovran Self Storage from an “outperform” rating to a “market perform” rating and set a $124.00 price target on the stock. in a report on Friday, August 12th. Finally, Citigroup Inc. cut their price target 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 research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Sovran Self Storage has an average rating of “Hold” and an average target price of $104.50.
In other Sovran Self Storage news, President Kenneth F. Myszka sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $90.11, for a total transaction of $270,330.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen R. Rusmisel purchased 500 shares of the firm’s stock in a transaction on Friday, November 11th. The shares were purchased at an average price of $81.51 per share, for a total transaction of $40,755.00. Following the completion of the purchase, the director now directly owns 4,712 shares of the company’s stock, valued at $384,075.12. The disclosure for this purchase can be found here. 2.30% of the stock is owned by corporate insiders.
About Sovran Self Storage
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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