Zacks: Analysts Expect Life Storage Inc (NYSE:LSI) Will Post Quarterly Sales of $146.92 Million

Wall Street analysts forecast that Life Storage Inc (NYSE:LSI) will report $146.92 million in sales for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Life Storage’s earnings. The highest sales estimate is $148.50 million and the lowest is $145.60 million. Life Storage posted sales of $141.48 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.8%. The firm is expected to issue its next earnings results on Wednesday, October 30th.

According to Zacks, analysts expect that Life Storage will report full year sales of $572.92 million for the current year, with estimates ranging from $568.52 million to $576.70 million. For the next financial year, analysts forecast that the business will report sales of $598.25 million, with estimates ranging from $588.79 million to $615.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Life Storage.

Life Storage (NYSE:LSI) last released its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.54). Life Storage had a return on equity of 10.21% and a net margin of 37.17%. 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 earned $1.39 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year.



LSI has been the topic of several analyst reports. Evercore ISI raised shares of Life Storage from an “underperform” rating to an “in-line” rating and set a $100.00 price target on the stock in a research report on Monday, May 20th. Robert W. Baird raised shares of Life Storage from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $92.00 to $101.00 in a research report on Wednesday, August 21st. Stifel Nicolaus initiated coverage on shares of Life Storage in a research report on Monday, August 19th. They set a “hold” rating and a $106.00 price target on the stock. Raymond James raised shares of Life Storage from a “market perform” rating to an “outperform” rating and set a $106.00 price target on the stock in a research report on Monday, July 8th. They noted that the move was a valuation call. Finally, KeyCorp lifted their price target 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Life Storage has an average rating of “Hold” and a consensus target price of $102.56.

LSI traded down $1.49 during trading on Friday, reaching $102.42. The company’s stock had a trading volume of 413,072 shares, compared to its average volume of 373,284. The company has a market cap of $4.82 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 4.68 and a beta of 0.35. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.92. The firm has a fifty day simple moving average of $102.54 and a two-hundred day simple moving average of $98.20. Life Storage has a 1 year low of $88.92 and a 1 year high of $106.43.

In other Life Storage news, Director Charles E. Lannon sold 2,000 shares of the business’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 owns 117,152 shares in the company, valued at $12,124,060.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew J. Gregoire sold 3,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $105.04, for a total transaction of $315,120.00. Following the completion of the transaction, the chief financial officer now owns 52,224 shares of the company’s stock, valued at approximately $5,485,608.96. The disclosure for this sale can be found here. In the last three months, insiders sold 6,500 shares of company stock worth $679,690. 0.80% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of LSI. PGGM Investments acquired a new position in shares of Life Storage in the second quarter worth $227,266,000. Long Pond Capital LP acquired a new position in shares of Life Storage in the second quarter worth $53,694,000. Nuveen Asset Management LLC grew its stake in shares of Life Storage by 232.0% in the second quarter. Nuveen Asset Management LLC now owns 774,147 shares of the real estate investment trust’s stock worth $73,606,000 after acquiring an additional 540,976 shares in the last quarter. Northern Trust Corp grew its stake in shares of Life Storage by 47.1% in the first quarter. Northern Trust Corp now owns 924,685 shares of the real estate investment trust’s stock worth $89,944,000 after acquiring an additional 296,148 shares in the last quarter. Finally, Echo Street Capital Management LLC grew its stake in shares of Life Storage by 57.5% during the second quarter. Echo Street Capital Management LLC now owns 428,620 shares of the real estate investment trust’s stock worth $40,753,000 after purchasing an additional 156,414 shares in the last quarter. Institutional investors and hedge funds own 92.77% of the company’s stock.

About Life Storage

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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