Zacks Investment Research Lowers Sovran Self Storage Inc. (LSI) to Sell

Zacks Investment Research downgraded shares of Sovran Self Storage Inc. (NYSE:LSI) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Life Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust which acquires and manages self-storage properties. The company’s brand name consists of Life Storage(R) and Uncle Bob’s Self Storage(R). Life Storage, Inc., formerly known as Sovran Self Storage, Inc., is headquartered in Buffalo, New York. “

Other analysts have also issued research reports about the stock. KeyCorp lowered shares of Sovran Self Storage from a sector weight rating to an underweight rating and set a $84.00 target price on the stock. in a research report on Thursday, August 4th. Jefferies Group reaffirmed a buy rating and set a $135.00 price target on shares of Sovran Self Storage in a research note on Thursday, August 4th. DA Davidson cut their price target on shares of Sovran Self Storage from $110.00 to $100.00 and set a neutral rating on the stock in a research note on Monday, August 8th. FBR & Co assumed coverage on shares of Sovran Self Storage in a research note on Wednesday, June 22nd. They set a market perform rating and a $106.00 price target on the stock. Finally, Citigroup Inc. raised shares of Sovran Self Storage from a neutral rating to a buy rating and increased their price target for the stock from $100.00 to $105.00 in a research note on Friday, September 9th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Sovran Self Storage presently has an average rating of Hold and an average price target of $110.68.

Sovran Self Storage (NYSE:LSI) opened at 93.86 on Wednesday. The company’s 50 day moving average is $90.91 and its 200-day moving average is $104.19. The firm has a market cap of $3.94 billion, a P/E ratio of 26.89 and a beta of 0.82. Sovran Self Storage has a 52 week low of $86.45 and a 52 week high of $118.18.

Sovran Self Storage (NYSE:LSI) last announced its earnings results on Wednesday, August 3rd. The real estate investment trust reported $1.32 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.32. Sovran Self Storage had a net margin of 33.62% and a return on equity of 8.95%. The firm had revenue of $107.10 million for the quarter, compared to analyst estimates of $104.90 million. During the same quarter last year, the business earned $1.24 earnings per share. Sovran Self Storage’s revenue was up 18.0% compared to the same quarter last year. Equities analysts expect that Sovran Self Storage will post $5.33 earnings per share for the current year.

In related news, President Kenneth F. Myszka sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $92.26, for a total transaction of $461,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen R. Rusmisel purchased 500 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were purchased at an average cost of $92.93 per share, with a total value of $46,465.00. Following the completion of the acquisition, the director now owns 4,012 shares in the company, valued at approximately $372,835.16. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.

An institutional investor recently bought a new position in Sovran Self Storage stock. Public Employees Retirement System of Ohio purchased a new position in shares of Sovran Self Storage Inc. (NYSE:LSI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 68,150 shares of the real estate investment trust’s stock, valued at approximately $7,150,000. Public Employees Retirement System of Ohio owned 0.16% of Sovran Self Storage as of its most recent SEC filing. 89.46% of the stock is owned by hedge funds and other institutional investors.

Sovran Self Storage Company Profile

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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