Virginia Retirement Systems ET AL acquired a new position in shares of CubeSmart (NYSE:CUBE) during the second quarter, Holdings Channel reports. The fund acquired 70,500 shares of the company’s stock, valued at approximately $2,177,000.
A number of other hedge funds have also recently bought and sold shares of the stock. Norges Bank bought a new stake in CubeSmart during the fourth quarter valued at about $40,705,000. Nisa Investment Advisors L.L.C. raised its stake in CubeSmart by 110.3% in the first quarter. Nisa Investment Advisors L.L.C. now owns 28,600 shares of the company’s stock valued at $952,000 after buying an additional 15,000 shares in the last quarter. Virginia Retirement System bought a new stake in CubeSmart during the first quarter valued at about $2,778,000. Duff & Phelps Investment Management Co. raised its stake in CubeSmart by 7.2% in the first quarter. Duff & Phelps Investment Management Co. now owns 926,700 shares of the company’s stock valued at $30,860,000 after buying an additional 62,300 shares in the last quarter. Finally, Pacad Investment Ltd. bought a new stake in CubeSmart during the first quarter valued at about $263,000.
Shares of CubeSmart (NYSE:CUBE) opened at 27.77 on Monday. The firm’s 50-day moving average price is $27.50 and its 200-day moving average price is $30.25. CubeSmart has a 12 month low of $26.24 and a 12 month high of $33.52. The stock has a market capitalization of $4.98 billion, a P/E ratio of 56.33 and a beta of 0.70.
CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. The business earned $126.53 million during the quarter, compared to analyst estimates of $124.94 million. CubeSmart had a return on equity of 5.57% and a net margin of 19.26%. The company’s revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the business posted $0.31 EPS. On average, equities research analysts forecast that CubeSmart will post $1.41 EPS for the current year.
The firm also recently declared 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 dividend yield of 3.02%. CubeSmart’s dividend payout ratio is presently 171.43%.
A number of research firms have recently weighed in on CUBE. FBR & Co set a $35.00 price objective on CubeSmart and gave the stock a “buy” rating in a research note on Sunday, September 18th. Evercore ISI lowered CubeSmart from a “buy” rating to a “hold” rating in a research note on Tuesday, August 9th. SunTrust Banks Inc. lowered CubeSmart from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $37.00 to $33.00 in a research note on Monday, July 25th. Jefferies Group dropped their price objective on CubeSmart from $39.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, August 10th. Finally, Zacks Investment Research lowered CubeSmart from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $34.05.
In related news, Director William M. Diefenderfer III sold 2,961 shares of CubeSmart stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $27.25, for a total value of $80,687.25. Following the completion of the transaction, the director now owns 128,486 shares in the company, valued at approximately $3,501,243.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.13% of the stock is owned by corporate insiders.
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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