Canada Pension Plan Investment Board Has $745,000 Stake in CubeSmart (CUBE)
Canada Pension Plan Investment Board raised its position in CubeSmart (NYSE:CUBE) by 11.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,000 shares of the real estate investment trust’s stock after buying an additional 3,300 shares during the period. Canada Pension Plan Investment Board’s holdings in CubeSmart were worth $745,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Great West Life Assurance Co. Can raised its stake in shares of CubeSmart by 0.5% in the second quarter. Great West Life Assurance Co. Can now owns 105,874 shares of the real estate investment trust’s stock valued at $2,543,000 after buying an additional 541 shares during the period. Utah Retirement Systems raised its stake in shares of CubeSmart by 1.9% in the first quarter. Utah Retirement Systems now owns 36,700 shares of the real estate investment trust’s stock valued at $953,000 after buying an additional 700 shares during the period. 1st Global Advisors Inc. raised its stake in shares of CubeSmart by 5.4% in the first quarter. 1st Global Advisors Inc. now owns 13,868 shares of the real estate investment trust’s stock valued at $360,000 after buying an additional 710 shares during the period. Exane Derivatives raised its stake in shares of CubeSmart by 3.2% in the second quarter. Exane Derivatives now owns 26,991 shares of the real estate investment trust’s stock valued at $649,000 after buying an additional 833 shares during the period. Finally, Tdam USA Inc. raised its stake in shares of CubeSmart by 1.8% in the first quarter. Tdam USA Inc. now owns 51,074 shares of the real estate investment trust’s stock valued at $1,326,000 after buying an additional 912 shares during the period.
Shares of CubeSmart (CUBE) opened at 24.77 on Thursday. The stock has a market capitalization of $4.46 billion, a P/E ratio of 42.78 and a beta of 0.19. The stock’s 50 day moving average price is $24.13 and its 200 day moving average price is $25.29. CubeSmart has a one year low of $22.83 and a one year high of $28.61.
CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.01. The company had revenue of $138.60 million for the quarter, compared to analysts’ expectations of $138.07 million. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The business’s revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 EPS. On average, analysts forecast that CubeSmart will post $0.69 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.36%. CubeSmart’s dividend payout ratio (DPR) is presently 186.21%.
CUBE has been the subject of several research analyst reports. Zacks Investment Research lowered CubeSmart from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Bank of America Corporation lowered CubeSmart from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $27.75 to $25.00 in a report on Thursday, July 20th. BidaskClub upgraded CubeSmart from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Citigroup Inc. restated a “neutral” rating and issued a $27.00 price objective (down previously from $29.00) on shares of CubeSmart in a report on Thursday, May 11th. Finally, KeyCorp restated a “hold” rating on shares of CubeSmart in a report on Friday, August 25th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. CubeSmart presently has a consensus rating of “Hold” and a consensus price target of $28.57.
CubeSmart Company Profile
CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.
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