Life Storage, Inc. (LSI) Shares Bought by Wellington Management Group LLP
Wellington Management Group LLP boosted its stake in Life Storage, Inc. (NYSE:LSI) by 27.5% during the first quarter, Holdings Channel reports. The firm owned 699,278 shares of the real estate investment trust’s stock after buying an additional 150,968 shares during the period. Wellington Management Group LLP owned approximately 1.51% of Life Storage worth $57,425,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LSI. Norges Bank purchased a new position in Life Storage during the fourth quarter valued at approximately $37,286,000. Brookfield Asset Management Inc. purchased a new position in Life Storage during the fourth quarter valued at approximately $18,484,000. RidgeWorth Capital Management LLC raised its position in Life Storage by 43.2% in the first quarter. RidgeWorth Capital Management LLC now owns 689,600 shares of the real estate investment trust’s stock valued at $56,630,000 after buying an additional 208,175 shares during the period. Russell Investments Group Ltd. purchased a new position in Life Storage during the fourth quarter valued at approximately $13,564,000. Finally, Shelton Capital Management purchased a new position in Life Storage during the fourth quarter valued at approximately $293,000. 98.96% of the stock is currently owned by institutional investors.
Life Storage, Inc. (NYSE:LSI) traded down 0.13% during mid-day trading on Friday, hitting $75.19. The company had a trading volume of 429,436 shares. The stock’s 50 day moving average price is $74.99 and its 200 day moving average price is $81.72. Life Storage, Inc. has a 52-week low of $72.08 and a 52-week high of $107.71. The firm has a market cap of $3.48 billion, a P/E ratio of 44.13 and a beta of 0.56.
Life Storage (NYSE:LSI) last announced its quarterly earnings results on Wednesday, May 3rd. The real estate investment trust reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by $0.01. The company had revenue of $128.30 million for the quarter, compared to analyst estimates of $128.19 million. Life Storage had a return on equity of 3.68% and a net margin of 15.72%. The company’s revenue for the quarter was up 29.5% on a year-over-year basis. On average, equities research analysts predict that Life Storage, Inc. will post $2.36 EPS for the current fiscal year.
LSI has been the topic of several research analyst reports. Zacks Investment Research lowered Life Storage from a “hold” rating to a “sell” rating in a research report on Monday, April 24th. Cantor Fitzgerald lowered Life Storage from an “overweight” rating to a “neutral” rating and set a $78.00 price target on the stock. in a research report on Friday, May 5th. Bank of America Corporation lowered Life Storage from a “buy” rating to a “neutral” rating and set a $82.00 price target on the stock. in a research report on Tuesday, May 9th. Citigroup Inc. reaffirmed a “buy” rating and set a $92.00 price target (down previously from $100.00) on shares of Life Storage in a research report on Sunday, May 14th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $96.00 price target on shares of Life Storage in a research report on Wednesday, March 22nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $92.33.
In related news, insider Paul T. Powell purchased 700 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were acquired at an average cost of $73.04 per share, for a total transaction of $51,128.00. Following the transaction, the insider now owns 44,296 shares of the company’s stock, valued at $3,235,379.84. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.60% of the stock is currently owned by corporate insiders.
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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