Life Storage, Inc. (LSI) Shares Sold by Municipal Employees Retirement System of Michigan

Municipal Employees Retirement System of Michigan trimmed its position in shares of Life Storage, Inc. (NYSE:LSI) by 21.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,080 shares of the real estate investment trust’s stock after selling 3,870 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Life Storage were worth $1,152,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in LSI. Macquarie Group Ltd. raised its holdings in shares of Life Storage by 373.4% during the second quarter. Macquarie Group Ltd. now owns 709,252 shares of the real estate investment trust’s stock worth $52,555,000 after acquiring an additional 559,428 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Life Storage by 840.0% during the third quarter. Prudential Financial Inc. now owns 299,983 shares of the real estate investment trust’s stock worth $24,542,000 after acquiring an additional 268,070 shares in the last quarter. Brookfield Asset Management Inc. raised its holdings in shares of Life Storage by 12.1% during the second quarter. Brookfield Asset Management Inc. now owns 1,272,882 shares of the real estate investment trust’s stock worth $94,321,000 after acquiring an additional 137,682 shares in the last quarter. Aviva PLC raised its holdings in shares of Life Storage by 137.7% during the second quarter. Aviva PLC now owns 206,282 shares of the real estate investment trust’s stock worth $15,281,000 after acquiring an additional 119,495 shares in the last quarter. Finally, Westpac Banking Corp purchased a new stake in shares of Life Storage during the third quarter worth $7,290,000. Institutional investors and hedge funds own 96.75% of the company’s stock.

LSI has been the subject of several recent research reports. Citigroup Inc. reiterated a “buy” rating and set a $85.00 price objective (down from $98.00) on shares of Life Storage in a report on Thursday, August 10th. BidaskClub upgraded Life Storage from a “hold” rating to a “buy” rating in a report on Monday, September 18th. Zacks Investment Research upgraded Life Storage from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Friday, November 3rd. Cantor Fitzgerald restated a “hold” rating and set a $73.00 target price on shares of Life Storage in a report on Thursday, September 14th. Finally, Jefferies Group LLC set a $72.00 target price on Life Storage and gave the company a “hold” rating in a report on Friday, August 18th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $78.79.

WARNING: This news story was first posted by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this news story on another publication, it was illegally copied and reposted in violation of US and international trademark & copyright legislation. The correct version of this news story can be accessed at https://sportsperspectives.com/2017/11/22/life-storage-inc-lsi-shares-sold-by-municipal-employees-retirement-system-of-michigan.html.

Shares of Life Storage, Inc. (NYSE:LSI) opened at $89.01 on Wednesday. Life Storage, Inc. has a 1 year low of $69.00 and a 1 year high of $89.85. The firm has a market capitalization of $4,092.91, a PE ratio of 16.63, a P/E/G ratio of 3.69 and a beta of 0.59. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.19 and a current ratio of 0.19.

Life Storage announced that its board has authorized a share repurchase program on Wednesday, August 2nd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 26th. Investors of record on Friday, October 13th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend was Thursday, October 12th. Life Storage’s dividend payout ratio (DPR) is presently 199.01%.

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.

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

Receive News & Ratings for Life Storage Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Life Storage Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply