CubeSmart (CUBE) Lowered to “Market Perform” at UBS AG
Several other brokerages also recently weighed in on CUBE. KeyCorp reiterated a hold rating on shares of CubeSmart in a report on Friday, August 25th. Cantor Fitzgerald cut their price target on CubeSmart from $30.00 to $29.00 and set an overweight rating for the company in a report on Monday, May 22nd. Citigroup Inc. reiterated a neutral rating and issued a $27.00 price target (down from $29.00) on shares of CubeSmart in a report on Thursday, May 11th. Zacks Investment Research upgraded CubeSmart from a sell rating to a hold rating in a report on Wednesday, May 3rd. Finally, BidaskClub downgraded CubeSmart from a sell rating to a strong sell rating in a report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $28.57.
CubeSmart (CUBE) opened at 24.77 on Wednesday. The stock has a 50 day moving average price of $24.13 and a 200-day moving average price of $25.29. The stock has a market cap of $4.46 billion, a PE ratio of 42.78 and a beta of 0.19. CubeSmart has a one year low of $22.83 and a one year high of $28.61.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The company had revenue of $138.60 million during the quarter, compared to the consensus estimate of $138.07 million. CubeSmart had a return on equity of 6.65% and a net margin of 20.36%. CubeSmart’s revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 EPS. Equities research analysts expect that CubeSmart will post $0.69 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued 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 payout ratio is 186.21%.
Several hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its stake in CubeSmart by 7.4% in the second quarter. The Manufacturers Life Insurance Company now owns 5,341 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 370 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in CubeSmart by 31.9% in the first quarter. PNC Financial Services Group Inc. now owns 5,400 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 1,306 shares during the last quarter. Salem Investment Counselors Inc. purchased a new stake in CubeSmart during the first quarter worth approximately $149,000. Commonwealth Bank of Australia increased its stake in CubeSmart by 3.9% in the second quarter. Commonwealth Bank of Australia now owns 7,568 shares of the real estate investment trust’s stock worth $181,000 after buying an additional 283 shares during the last quarter. Finally, Profund Advisors LLC purchased a new stake in CubeSmart during the second quarter worth approximately $214,000.
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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