CubeSmart (CUBE) Holdings Decreased by First Trust Advisors LP
First Trust Advisors LP reduced its position in CubeSmart (NYSE:CUBE) by 11.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,229 shares of the real estate investment trust’s stock after selling 6,769 shares during the quarter. First Trust Advisors LP’s holdings in CubeSmart were worth $1,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in shares of CubeSmart by 31.9% during 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 acquiring an additional 1,306 shares during the last quarter. Salem Investment Counselors Inc. purchased a new stake in CubeSmart during the first quarter valued at $149,000. Neuberger Berman Group LLC purchased a new stake in CubeSmart during the first quarter valued at $222,000. Private Capital Management Inc. purchased a new stake in CubeSmart during the second quarter valued at $216,000. Finally, Fort Washington Investment Advisors Inc. OH purchased a new stake in CubeSmart during the first quarter valued at $270,000.
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Several equities research analysts have recently weighed in on CUBE shares. Zacks Investment Research downgraded shares of CubeSmart from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. BMO Capital Markets restated a “market perform” rating and issued a $27.00 price target on shares of CubeSmart in a report on Monday, September 11th. Bank of America Corporation cut shares of CubeSmart from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $27.75 to $25.00 in a report on Thursday, July 20th. UBS AG cut shares of CubeSmart from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 30th. Finally, BidaskClub upgraded shares of CubeSmart from a “sell” rating to a “hold” rating in a report on Saturday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. CubeSmart currently has an average rating of “Hold” and a consensus target price of $28.25.
CubeSmart (CUBE) opened at 26.31 on Monday. The stock’s 50 day moving average price is $24.80 and its 200 day moving average price is $25.20. CubeSmart has a 12-month low of $22.83 and a 12-month high of $28.47. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of 45.44 and a beta of 0.17.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. CubeSmart had a return on equity of 6.65% and a net margin of 20.36%. The firm had revenue of $138.60 million for the quarter, compared to analyst estimates of $138.07 million. During the same period last year, the company earned $0.36 EPS. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. Analysts forecast that CubeSmart will post $0.69 EPS for the current fiscal year.
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 $0.27 dividend. The ex-dividend date is Friday, September 29th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.10%. CubeSmart’s dividend payout ratio (DPR) is 186.21%.
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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