PNC Financial Services Group Inc. raised its position in shares of CubeSmart (NYSE:CUBE) by 13.1% during the second quarter, Holdings Channel reports. The firm owned 5,018 shares of the company’s stock after buying an additional 581 shares during the period. PNC Financial Services Group Inc.’s holdings in CubeSmart were worth $155,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the stock. Pacad Investment Ltd. purchased a new stake in shares of CubeSmart during the first quarter valued at approximately $263,000. Invictus RG purchased a new stake in shares of CubeSmart during the first quarter valued at approximately $270,000. Ausdal Financial Partners Inc. purchased a new stake in shares of CubeSmart during the second quarter valued at approximately $255,000. World Asset Management Inc boosted its stake in shares of CubeSmart by 8.5% in the second quarter. World Asset Management Inc now owns 8,683 shares of the company’s stock valued at $268,000 after buying an additional 679 shares during the last quarter. Finally, Cadence Capital Management LLC purchased a new stake in shares of CubeSmart during the second quarter valued at approximately $279,000.
CubeSmart (NYSE:CUBE) traded up 1.23% during trading on Friday, hitting $26.34. 1,714,766 shares of the stock traded hands. CubeSmart has a one year low of $25.40 and a one year high of $33.52. The company’s 50 day moving average is $27.28 and its 200 day moving average is $29.93. The company has a market capitalization of $4.72 billion, a P/E ratio of 53.43 and a beta of 0.47.
CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.01. CubeSmart had a net margin of 19.26% and a return on equity of 5.57%. The business had revenue of $126.53 million for the quarter, compared to analyst estimates of $124.94 million. During the same period in the prior year, the business posted $0.31 earnings per share. CubeSmart’s revenue was up 15.2% compared to the same quarter last year. On average, equities analysts forecast that CubeSmart will post $1.41 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be issued a $0.21 dividend. The ex-dividend date is Thursday, September 29th. This represents a $0.84 annualized dividend and a yield of 3.19%. CubeSmart’s dividend payout ratio is currently 171.43%.
Several research analysts have issued reports on CUBE shares. Cantor Fitzgerald restated a “buy” rating on shares of CubeSmart in a research report on Friday, August 26th. Zacks Investment Research lowered shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Jefferies Group decreased their price target on shares of CubeSmart from $39.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. DA Davidson began coverage on shares of CubeSmart in a research report on Friday, June 24th. They set a “neutral” rating and a $35.00 price objective on the stock. Finally, Evercore ISI upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research report on Monday, August 8th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. CubeSmart presently has an average rating of “Buy” and an average price target of $34.05.
In related news, Director William M. Diefenderfer III sold 2,961 shares of the stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $27.25, for a total value of $80,687.25. Following the transaction, the director now directly owns 128,486 shares in the company, valued at $3,501,243.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.13% of the stock is currently owned by corporate insiders.
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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