State Treasurer State of Michigan trimmed its stake in Life Storage Inc (NYSE:LSI) by 16.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,800 shares of the real estate investment trust’s stock after selling 2,800 shares during the quarter. State Treasurer State of Michigan’s holdings in Life Storage were worth $1,312,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisor Group Inc. raised its position in shares of Life Storage by 68.8% during the fourth quarter. Advisor Group Inc. now owns 466 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 190 shares during the last quarter. Stifel Financial Corp raised its position in shares of Life Storage by 5.2% during the fourth quarter. Stifel Financial Corp now owns 2,977 shares of the real estate investment trust’s stock valued at $277,000 after buying an additional 146 shares during the last quarter. Millennium Management LLC raised its position in shares of Life Storage by 250.3% during the fourth quarter. Millennium Management LLC now owns 34,665 shares of the real estate investment trust’s stock valued at $3,223,000 after buying an additional 24,768 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Life Storage by 7.2% during the fourth quarter. Geode Capital Management LLC now owns 629,965 shares of the real estate investment trust’s stock valued at $58,580,000 after buying an additional 42,438 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Life Storage by 0.9% during the first quarter. State of Alaska Department of Revenue now owns 20,117 shares of the real estate investment trust’s stock valued at $1,954,000 after buying an additional 170 shares during the last quarter. 97.87% of the stock is owned by institutional investors.

In related news, Director Charles E. Lannon sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $103.49, for a total value of $206,980.00. Following the completion of the transaction, the director now directly owns 117,152 shares of the company’s stock, valued at $12,124,060.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.80% of the company’s stock.

LSI stock opened at $101.00 on Wednesday. The firm has a fifty day simple moving average of $98.95. Life Storage Inc has a fifty-two week low of $88.92 and a fifty-two week high of $103.68. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 4.68 and a beta of 0.37.

Life Storage (NYSE:LSI) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.54). Life Storage had a net margin of 37.17% and a return on equity of 10.21%. The business had revenue of $145.00 million during the quarter, compared to analysts’ expectations of $142.96 million. During the same period last year, the business posted $1.39 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, research analysts anticipate that Life Storage Inc will post 5.58 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Tuesday, July 16th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend was Monday, July 15th. Life Storage’s dividend payout ratio (DPR) is presently 72.60%.

Several equities research analysts have recently issued reports on LSI shares. Raymond James upgraded shares of Life Storage from a “market perform” rating to an “outperform” rating and set a $106.00 price objective on the stock in a research report on Monday, July 8th. They noted that the move was a valuation call. KeyCorp lifted their price objective on shares of Life Storage from $106.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Evercore ISI upgraded shares of Life Storage from an “underperform” rating to an “in-line” rating and set a $100.00 price objective on the stock in a research report on Monday, May 20th. Finally, Zacks Investment Research upgraded shares of Life Storage from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $102.29.

Life Storage Profile

Life Storage, Inc is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. Located in Buffalo, New York, the Company operates more than 750 storage facilities in 28 states and Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month.

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

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