Sovran Self Storage Inc. (LSI) Sees Strong Trading Volume Following Dividend Announcement

Sovran Self Storage Inc. (NYSE:LSI) shares saw an uptick in trading volume on Wednesday following a dividend announcement from the company. 572,553 shares traded hands during trading, an increase of 15% from the previous session’s volume of 497,137 shares.The stock last traded at $85.08 and had previously closed at $86.46.

The newly announced dividend which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 14th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend is Wednesday, October 12th. Sovran Self Storage’s dividend payout ratio is presently 109.51%.

A number of brokerages have recently issued reports on LSI. Zacks Investment Research raised Sovran Self Storage from a “sell” rating to a “hold” rating in a research note on Thursday, September 1st. Jefferies Group reaffirmed a “buy” rating and issued a $135.00 price target on shares of Sovran Self Storage in a research note on Thursday, August 4th. KeyCorp lowered Sovran Self Storage from a “sector weight” rating to an “underweight” rating and set a $84.00 price target on the stock. in a research note on Thursday, August 4th. FBR & Co began coverage on Sovran Self Storage in a research note on Wednesday, June 22nd. They issued a “market perform” rating and a $106.00 price target on the stock. Finally, Citigroup Inc. lowered their price target on Sovran Self Storage from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, August 15th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $110.68.

The company’s 50 day moving average price is $90.46 and its 200-day moving average price is $102.97. The firm has a market cap of $3.58 billion, a P/E ratio of 24.4311 and a beta of 0.78.

Sovran Self Storage (NYSE:LSI) last released its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $1.32 earnings per share for the quarter, meeting the consensus estimate of $1.32. Sovran Self Storage had a return on equity of 8.95% and a net margin of 33.62%. The firm earned $107.10 million during the quarter, compared to the consensus estimate of $104.90 million. During the same period last year, the business posted $1.24 EPS. Sovran Self Storage’s quarterly revenue was up 18.0% on a year-over-year basis. Analysts expect that Sovran Self Storage Inc. will post $5.33 EPS for the current fiscal year.

In related news, President Kenneth F. Myszka sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $92.26, for a total value of $461,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur L. Havener, Jr. acquired 500 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The stock was purchased at an average cost of $91.19 per share, with a total value of $45,595.00. Following the completion of the purchase, the director now directly owns 1,593 shares in the company, valued at $145,265.67. The disclosure for this purchase can be found here. 2.30% of the stock is owned by corporate insiders.

A hedge fund recently bought a new stake in Sovran Self Storage stock. BNP Paribas Arbitrage SA acquired a new stake in shares of Sovran Self Storage Inc. (NYSE:LSI) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 10,312 shares of the real estate investment trust’s stock, valued at approximately $917,000. 89.46% of the stock is owned by institutional investors and hedge funds.

About Sovran Self Storage

Life Storage, Inc, formerly Sovran Self Storage, Inc, is a self-administered and self-managed real estate investment trust. The Company owns and operates self-storage facilities throughout the United States. As of June 30, 2016, the Company had an ownership interest in, and/or managed approximately 563 self-storage properties in over 26 states under the name Life Storage.

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