The Vanguard Group, Inc. recently announced the acquisition of new stake in Life Storage Inc. (NYSE:LSI). The institutional investor has increased its shareholding in the Real Estate company by 0.96% to 12.6 million shares with purchase of 0.12 million shares. This fresh investment now brings its stake to 14.83% valued currently at $1.52 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.29 million to 8.25 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.60% or 0.12 million shares – to 4.68 million shares.
With over 1.76 million Life Storage Inc. (LSI) shares trading Monday and a closing price of $118.94 on the day, the dollar volume was approximately $208.87 million. The shares have shown a negative half year performance of -7.45% and its price on 03/13/23 gained nearly 0.81%. Currently, there are 84.90M common shares owned by the public and among those 84.56M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for LSI have a consensus price objective of $126.40. The analysts have set the share’s price value over the next 12 months at a high of $140.00 and a low of $101.00. The average price target is 6.29% above its recent price level and a downside to the estimated low will see the stock lose -17.76% over that period. But an upside of 15.04% will see the stock hit the forecast high price target while median target price for the stock is $126.50.
Insiders at the company have transacted a total of 13 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 7 of these insider trades were purchases, accounting for 28,655 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 27,052 shares.
The top 3 mutual fund holders in Life Storage Inc. are Vanguard Real Estate Index Fund, Government Pension Fund – Global, and iShares Core S&P Mid Cap ETF. Vanguard Real Estate Index Fund owns 3.77 million shares of the company’s stock, all valued at over $453.77 million. The company sold 1669.0 shares recently to bring their total holdings to about 4.43% of the shares outstanding. Government Pension Fund – Global bought 1.64 million shares to see its total holdings expand to 3.0 million shares valued at over $361.87 million and representing 3.53% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 6012.0 shares to bring its total holdings to over 2.65 million shares at a value of $319.74 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 3.12% of the shares outstanding.
Shares of Life Storage Inc. (NYSE: LSI) opened at $117.37, down -$0.62 from a prior closing price of $117.99. However, the script later moved the day high at 121.67, up 0.81%. The company’s stock has a 5-day price change of -7.49% and 10.96% over the past three months. LSI shares are trading 20.75% year to date (YTD), with the 12-month market performance down to -10.03% lower. It has a 12-month low price of $94.02 and touched a high of $151.76 over the same period. LSI has an average intraday trading volume of 971.33K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.66%, 5.94%, and 4.94% respectively.
Institutional ownership of Life Storage Inc. (NYSE: LSI) shares accounts for 95.10% of the company’s 84.90M shares outstanding. Mutual fund holders own 40.49%, while other institutional holders and individual stakeholders account for 54.17% and 1.16% respectively.
It has a market capitalization of $10.74B and a beta (3y monthly) value of 0.61. The stock’s trailing 12-month PE ratio is 28.21, while the earnings-per-share (ttm) stands at $4.22. The company has a PEG of 5.64 and the debt-to-equity ratio at 0.93. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.27% over the week and 2.51% over the month.
Analysts forecast that Life Storage Inc. (LSI) will achieve an EPS of $1.07 for the current quarter, $1.03 for the next quarter and $4.55 for 2023. The lowest estimate earnings-per-share for the quarter is $1.04 while analysts give the company a high EPS estimate of $1.13. Comparatively, EPS for the current quarter was $0.91 a year ago. Earnings per share for the fiscal year are expected to increase by 33.00%, and 9.25% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 25.00% over the past 5-year period.
Looking at the support for the LSI, a number of firms have released research notes about the stock. Citigroup stated their Neutral rating for the stock in a research note on February 08, 2023, with the firm’s price target at $126. Jefferies coverage for the Life Storage Inc. (LSI) stock in a research note released on January 03, 2023 offered a Hold rating with a price target of $97. UBS was of a view on October 17, 2022 that the stock is Neutral, while Evercore ISI gave the stock In-line rating on August 29, 2022, issuing a price target of $139- $138. BofA Securities on their part issued Neutral rating on June 21, 2022.
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