CubeSmart (CUBE) Upgraded at Zacks Investment Research
According to Zacks, “CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States. Its self storage facilities are designed to offer storage space for residential and commercial customers. CubeSmart, formally known as U-Store-It Trust, is based in Wayne, Pennsylvania. “
Other analysts have also issued reports about the company. BMO Capital Markets reaffirmed a buy rating and set a $29.00 target price on shares of CubeSmart in a research report on Thursday, January 12th. Bank of America Corp lowered CubeSmart from a buy rating to a neutral rating and set a $28.00 target price on the stock. in a research report on Friday, January 20th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $32.10.
Shares of CubeSmart (NYSE:CUBE) opened at 26.39 on Wednesday. CubeSmart has a 12 month low of $23.65 and a 12 month high of $33.52. The company has a 50 day moving average price of $26.23 and a 200-day moving average price of $26.16. The firm has a market capitalization of $4.75 billion, a PE ratio of 58.91 and a beta of 0.27.
CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, February 16th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. CubeSmart had a return on equity of 5.84% and a net margin of 19.93%. The business had revenue of $132.50 million for the quarter, compared to analyst estimates of $131.57 million. During the same period in the previous year, the company earned $0.33 earnings per share. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts expect that CubeSmart will post $0.62 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Monday, April 3rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 4.09%. The ex-dividend date is Thursday, March 30th. CubeSmart’s dividend payout ratio is currently 207.70%.
A number of hedge funds have recently made changes to their positions in CUBE. Public Employees Retirement System of Ohio raised its stake in shares of CubeSmart by 36.5% in the second quarter. Public Employees Retirement System of Ohio now owns 261,520 shares of the company’s stock valued at $8,076,000 after buying an additional 69,989 shares in the last quarter. Royal Bank of Canada raised its stake in shares of CubeSmart by 756.1% in the second quarter. Royal Bank of Canada now owns 465,513 shares of the company’s stock valued at $14,375,000 after buying an additional 411,136 shares in the last quarter. Wolverine Asset Management LLC raised its stake in shares of CubeSmart by 142.8% in the second quarter. Wolverine Asset Management LLC now owns 21,293 shares of the company’s stock valued at $657,000 after buying an additional 12,525 shares in the last quarter. Eagle Asset Management Inc. raised its stake in shares of CubeSmart by 6.2% in the third quarter. Eagle Asset Management Inc. now owns 1,729,069 shares of the company’s stock valued at $47,134,000 after buying an additional 101,171 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. raised its stake in shares of CubeSmart by 86.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 2,511,230 shares of the company’s stock valued at $68,456,000 after buying an additional 1,162,905 shares in the last quarter. 99.91% of the stock is owned by hedge funds and other institutional investors.
CubeSmart operates as a self-managed and self-administered real estate investment trust (REIT). The Company’s operations are conducted solely through CubeSmart, L.P. (the Operating Partnership) and its subsidiaries. The Company is focused primarily on the ownership, operation, management, acquisition and development of self-storage facilities in the United States.
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