Life Storage (LSI) has raised its quarterly common stock dividend by 16.2% to $0.86 per share. The dividend will be payable on October 26, 2021 to shareholders of record on October 13, 2021.
Life Storage is a real estate investment trust, which engages in the acquisition, ownership, and management of self-storage properties.
The company’s annual dividend of $3.44 per share now reflects a dividend yield of 3% based on Friday’s closing price.
Prior to this hike, Life Storage had raised its quarterly dividend by 7% in January 2020. (See Life Storage stock charts on TipRanks)
The CEO of Life Storage, Joe Saffire, said, “Our team and platforms are well-positioned to continue generating strong cash flow to invest in our technology initiatives, operating platforms, properties and people while also returning capital to shareholders by maintaining our payout ratio.”
Last month, Citigroup analyst Smedes Rose maintained a Buy rating on Life Storage with a price target of $140 (21.2% upside potential from current level). Rose expects the company to report earnings per share of $0.75 for the third quarter of 2021.
The rest of the Street is optimistic about the stock and has a Strong Buy consensus rating based on 7 Buys and 1 Hold. The average Life Storage price target of $131.71 implies 14% upside potential.
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