CubeSmart (NYSE:CUBE) Given Average Recommendation of “Buy” by Analysts
Shares of CubeSmart (NYSE:CUBE) have earned a consensus recommendation of “Buy” from the eleven brokerages that are presently covering the firm. Five research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $34.08.
CUBE has been the subject of a number of research reports. FBR & Co initiated coverage on CubeSmart in a report on Thursday, June 23rd. They set an “outperform” rating and a $35.00 target price for the company. DA Davidson initiated coverage on CubeSmart in a report on Friday, June 24th. They set a “neutral” rating and a $35.00 target price for the company. Zacks Investment Research upgraded CubeSmart from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a report on Tuesday, July 5th. SunTrust Banks Inc. cut CubeSmart from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $37.00 to $33.00 in a report on Monday, July 25th. Finally, Jefferies Group reiterated a “buy” rating on shares of CubeSmart in a report on Monday, August 1st.
CubeSmart (NYSE:CUBE) traded down 1.85% during trading on Tuesday, hitting $26.46. The company had a trading volume of 847,645 shares. CubeSmart has a one year low of $26.24 and a one year high of $33.52. The stock has a 50-day moving average of $27.45 and a 200-day moving average of $30.07. The stock has a market capitalization of $4.74 billion, a PE ratio of 53.67 and a beta of 0.47.
CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. CubeSmart had a net margin of 19.26% and a return on equity of 5.57%. The business earned $126.53 million during the quarter, compared to analysts’ expectations of $124.94 million. During the same quarter in the prior year, the company earned $0.31 EPS. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. On average, equities analysts anticipate that CubeSmart will post $1.41 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.84 annualized dividend and a yield of 3.12%. CubeSmart’s dividend payout ratio (DPR) is currently 171.43%.
In related news, Director William M. Diefenderfer III sold 2,961 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $27.25, for a total value of $80,687.25. Following the completion of the sale, the director now directly owns 128,486 shares in the company, valued at approximately $3,501,243.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.13% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. Wolverine Asset Management LLC increased 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 during the period. Royal Bank of Canada increased 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 during the period. Public Employees Retirement System of Ohio increased 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 during the period. Amalgamated Bank increased its stake in shares of CubeSmart by 48.5% in the second quarter. Amalgamated Bank now owns 26,126 shares of the company’s stock valued at $734,000 after buying an additional 8,529 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of CubeSmart by 4.3% in the second quarter. Legal & General Group Plc now owns 374,088 shares of the company’s stock valued at $11,552,000 after buying an additional 15,497 shares during the period.
CubeSmart Company Profile
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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