Life Storage said on April 3, 2023 that its board of directors declared a regular quarterly dividend of $1.20 per share ($4.80 annualized). Previously, the company paid $1.08 per share.
Shares must be purchased before the ex-div date of April 13, 2023 to qualify for the dividend. Shareholders of record as of April 14, 2023 will receive the payment on April 26, 2023.
At the current share price of $135.73 / share, the stock's dividend yield is 3.54%. Looking back five years and taking a sample every week, the average dividend yield has been 3.77%, the lowest has been 2.30%, and the highest has been 6.08%. The standard deviation of yields is 0.64 (n=235).
The current dividend yield is 0.36 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 1.14. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.68%, demonstrating that it has increased its dividend over time.
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Analyst Price Forecast Suggests 2.37% Downside
As of March 30, 2023, the average one-year price target for Life Storage is $132.51. The forecasts range from a low of $102.01 to a high of $148.05. The average price target represents a decrease of 2.37% from its latest reported closing price of $135.73.
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The projected annual revenue for Life Storage is $1,135MM, an increase of 8.36%. The projected annual non-GAAP EPS is $4.64.
What is the Fund Sentiment?
There are 952 funds or institutions reporting positions in Life Storage. This is an increase of 10 owner(s) or 1.06% in the last quarter. Average portfolio weight of all funds dedicated to LSI is 0.40%, a decrease of 5.15%. Total shares owned by institutions decreased in the last three months by 0.31% to 90,161K shares. The put/call ratio of LSI is 1.03, indicating a bearish outlook.
What are Large Shareholders Doing?
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 3,763K shares representing 4.43% ownership of the company. In it's prior filing, the firm reported owning 3,825K shares, representing a decrease of 1.66%. The firm decreased its portfolio allocation in LSI by 12.00% over the last quarter.
Wellington Management Group Llp holds 3,493K shares representing 4.11% ownership of the company. In it's prior filing, the firm reported owning 3,707K shares, representing a decrease of 6.13%. The firm decreased its portfolio allocation in LSI by 21.12% over the last quarter.
Norges Bank holds 3,003K shares representing 3.54% ownership of the company. In it's prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.
IJH - iShares Core S&P Mid-Cap ETF holds 2,625K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 2,466K shares, representing an increase of 6.06%. The firm decreased its portfolio allocation in LSI by 17.38% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,587K shares representing 3.05% ownership of the company. In it's prior filing, the firm reported owning 2,509K shares, representing an increase of 3.02%. The firm decreased its portfolio allocation in LSI by 15.31% over the last quarter.
Life Storage Background Information
(This description is provided by the company.)
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 900 storage facilities in 31 states and in the province of Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 500,000 customers, making it a leader in the industry.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
