CubeSmart to Post FY2019 Earnings of $1.74 Per Share, KeyCorp Forecasts (CUBE)
CubeSmart (NYSE:CUBE) – Investment analysts at KeyCorp issued their FY2019 earnings per share estimates for shares of CubeSmart in a research note issued on Monday. KeyCorp analyst T. Thomas anticipates that the real estate investment trust will post earnings of $1.74 per share for the year.
Several other research firms also recently commented on CUBE. Zacks Investment Research downgraded CubeSmart from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Robert W. Baird downgraded CubeSmart from an “outperform” rating to a “neutral” rating and upped their target price for the company from $27.00 to $29.00 in a research report on Tuesday, November 28th. B. Riley reaffirmed a “buy” rating on shares of CubeSmart in a research report on Wednesday, November 1st. BidaskClub raised CubeSmart from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 7th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $28.00 target price on shares of CubeSmart in a research report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. CubeSmart presently has an average rating of “Hold” and a consensus price target of $29.55.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were given a dividend of $0.30 per share. The ex-dividend date was Friday, December 29th. This represents a $1.20 dividend on an annualized basis and a yield of 4.45%. This is an increase from CubeSmart’s previous quarterly dividend of $0.27. CubeSmart’s dividend payout ratio is currently 184.62%.
In other CubeSmart news, CFO Timothy M. Martin sold 57,746 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $29.41, for a total transaction of $1,698,309.86. Following the completion of the sale, the chief financial officer now directly owns 211,694 shares in the company, valued at $6,225,920.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher P. Marr sold 6,000 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $29.33, for a total value of $175,980.00. Following the sale, the chief executive officer now owns 410,138 shares of the company’s stock, valued at $12,029,347.54. The disclosure for this sale can be found here. Insiders have sold 167,425 shares of company stock worth $4,915,172 in the last three months. 1.20% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Prudential Financial Inc. lifted its stake in CubeSmart by 2.9% during the third quarter. Prudential Financial Inc. now owns 3,051,854 shares of the real estate investment trust’s stock worth $79,226,000 after purchasing an additional 84,926 shares during the last quarter. Northern Trust Corp lifted its stake in CubeSmart by 7.0% during the second quarter. Northern Trust Corp now owns 1,747,835 shares of the real estate investment trust’s stock worth $42,018,000 after purchasing an additional 113,864 shares during the last quarter. Numeric Investors LLC bought a new stake in CubeSmart during the second quarter worth $1,231,000. AMP Capital Investors Ltd lifted its stake in CubeSmart by 77.8% during the third quarter. AMP Capital Investors Ltd now owns 113,841 shares of the real estate investment trust’s stock worth $2,955,000 after purchasing an additional 49,800 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in CubeSmart by 8.0% during the third quarter. JPMorgan Chase & Co. now owns 3,938,960 shares of the real estate investment trust’s stock worth $102,453,000 after purchasing an additional 293,101 shares during the last quarter.
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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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