Arizona State Retirement System Takes Position in Sovran Self Storage Inc. (LSI)
Arizona State Retirement System purchased a new position in Sovran Self Storage Inc. (NYSE:LSI) during the third quarter, Holdings Channel reports. The fund purchased 20,580 shares of the real estate investment trust’s stock, valued at approximately $1,830,000.
A number of other hedge funds have also recently modified their holdings of the company. New Mexico Educational Retirement Board purchased a new stake in shares of Sovran Self Storage during the third quarter worth approximately $576,000. Spirit of America Management Corp NY purchased a new stake in shares of Sovran Self Storage during the third quarter worth approximately $2,819,000. MSI Financial Services Inc purchased a new stake in shares of Sovran Self Storage during the third quarter worth approximately $200,000. Canandaigua National Bank & Trust Co. purchased a new stake in shares of Sovran Self Storage during the third quarter worth approximately $272,000. Finally, Nisa Investment Advisors LLC purchased a new stake in shares of Sovran Self Storage during the third quarter worth approximately $907,000. 91.83% of the stock is owned by institutional investors.
Sovran Self Storage Inc. (NYSE:LSI) traded down 1.16% during midday trading on Wednesday, reaching $81.23. The company’s stock had a trading volume of 395,357 shares. Sovran Self Storage Inc. has a 52 week low of $77.00 and a 52 week high of $118.18. The company’s 50-day moving average is $82.18 and its 200 day moving average is $94.27. The firm has a market capitalization of $3.75 billion, a P/E ratio of 34.20 and a beta of 0.62.
Sovran Self Storage (NYSE:LSI) last issued its quarterly earnings data on Wednesday, November 2nd. The real estate investment trust reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $1.20. The company had revenue of $127.80 million for the quarter, compared to analyst estimates of $122.29 million. Sovran Self Storage had a return on equity of 5.62% and a net margin of 22.63%. The business’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.32 earnings per share. Analysts expect that Sovran Self Storage Inc. will post $5.23 earnings per share for the current fiscal year.
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A number of brokerages have commented on LSI. Jefferies Group reaffirmed a “buy” rating and set a $135.00 price target on shares of Sovran Self Storage in a research 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 for the company. in a report on Thursday, August 4th. DA Davidson decreased their price objective on Sovran Self Storage from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, August 8th. Citigroup Inc. raised Sovran Self Storage from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $100.00 to $105.00 in a report on Friday, September 9th. Finally, Raymond James Financial Inc. cut Sovran Self Storage from an “outperform” rating to a “market perform” rating and set a $124.00 price objective for the company. in a report on Friday, August 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $104.50.
In other Sovran Self Storage news, Director Stephen R. Rusmisel bought 500 shares of the firm’s stock in a transaction dated Friday, November 11th. The stock was acquired 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 owns 4,712 shares of the company’s stock, valued at $384,075.12. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Arthur L. Havener, Jr. bought 2,724 shares of the firm’s stock in a transaction dated Friday, November 18th. The shares were acquired at an average price of $79.55 per share, with a total value of $216,694.20. Following the purchase, the director now directly owns 5,639 shares of the company’s stock, valued at approximately $448,582.45. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company’s stock.
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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