Arizona State Retirement System Has $3.23 Million Stock Holdings in Life Storage, Inc. (NYSE:LSI)

Posted by Defense World Staff on Jul 19th, 2023

Arizona State Retirement System increased its holdings in shares of Life Storage, Inc. (NYSE:LSI – Free Report) by 3.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,628 shares of the real estate investment trust’s stock after buying an additional 817 shares during the period. Arizona State Retirement System’s holdings in Life Storage were worth $3,228,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. ST Germain D J Co. Inc. acquired a new stake in Life Storage during the 4th quarter worth approximately $28,000. Brown Brothers Harriman & Co. acquired a new stake in Life Storage during the 1st quarter worth approximately $32,000. Raleigh Capital Management Inc. boosted its position in Life Storage by 148.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 333 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 199 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Life Storage during the 1st quarter worth approximately $38,000. Finally, Accurate Wealth Management LLC acquired a new stake in Life Storage during the 4th quarter worth approximately $53,000. 90.28% of the stock is currently owned by institutional investors and hedge funds.

Life Storage Stock Performance

NYSE:LSI opened at $134.35 on Wednesday. The company has a fifty day moving average of $131.52 and a 200-day moving average of $124.89. The firm has a market capitalization of $11.43 billion, a P/E ratio of 31.17 and a beta of 0.65. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.95. Life Storage, Inc. has a twelve month low of $94.02 and a twelve month high of $146.66.

Life Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 19th. Stockholders of record on Thursday, July 13th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $3.60 annualized dividend and a dividend yield of 2.68%. Life Storage’s dividend payout ratio is currently 83.53%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on LSI shares. Raymond James raised their price target on shares of Life Storage from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, April 4th. StockNews.com started coverage on shares of Life Storage in a report on Sunday. They set a “hold” rating for the company. Stifel Nicolaus raised their price target on shares of Life Storage from $140.00 to $145.00 in a report on Friday, May 12th. KeyCorp raised their price target on shares of Life Storage from $136.00 to $154.00 and gave the stock an “overweight” rating in a report on Wednesday, April 5th. Finally, Truist Financial raised their price target on shares of Life Storage from $120.00 to $122.00 in a report on Thursday, June 15th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $128.63.

Insider Activity

In other Life Storage news, CEO Joseph Saffire sold 5,036 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $131.03, for a total transaction of $659,867.08. Following the completion of the sale, the chief executive officer now owns 83,780 shares in the company, valued at approximately $10,977,693.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Life Storage news, CEO Joseph Saffire sold 5,036 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $131.03, for a total transaction of $659,867.08. Following the completion of the sale, the chief executive officer now owns 83,780 shares in the company, valued at approximately $10,977,693.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen R. Rusmisel sold 2,500 shares of Life Storage stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $129.92, for a total transaction of $324,800.00. Following the transaction, the director now directly owns 17,801 shares in the company, valued at $2,312,705.92. The disclosure for this sale can be found here. Insiders sold 10,161 shares of company stock worth $1,320,037 in the last quarter. 0.50% of the stock is owned by corporate insiders.

About Life Storage

(Free Report)

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 1,200 storage facilities in 37 states and the District of Columbia. The Company serves both residential and commercial storage customers with storage units rented by month.