CubeSmart (NYSE:CUBE) declared a quarterly dividend on Wednesday, August 3rd. Stockholders of record on Monday, October 3rd will be given a dividend of 0.21 per share on Monday, October 17th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Thursday, September 29th.
CubeSmart (NYSE:CUBE) opened at 27.99 on Wednesday. The company has a market cap of $5.02 billion, a P/E ratio of 56.77 and a beta of 0.70. The stock’s 50 day moving average price is $27.51 and its 200-day moving average price is $30.20. CubeSmart has a 52-week low of $26.24 and a 52-week high of $33.52.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.01. The firm had revenue of $126.53 million for 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 business’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 earnings per share. On average, equities analysts predict that CubeSmart will post $1.41 earnings per share for the current fiscal year.
In other news, Director William M. Diefenderfer III sold 2,961 shares of CubeSmart stock in a transaction on 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 sale, the director now directly owns 128,486 shares of the company’s stock, valued at $3,501,243.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.13% of the stock is owned by insiders.
Several large investors have recently modified their holdings of CUBE. Advisor Group Inc. purchased a new stake in shares of CubeSmart during the second quarter worth $103,000. Stevens Capital Management LP boosted its position in CubeSmart by 72.5% in the second quarter. Stevens Capital Management LP now owns 53,498 shares of the company’s stock valued at $1,652,000 after buying an additional 22,481 shares during the last quarter. Cbre Clarion Securities LLC boosted its position in CubeSmart by 13.2% in the second quarter. Cbre Clarion Securities LLC now owns 6,484,347 shares of the company’s stock valued at $200,237,000 after buying an additional 753,661 shares during the last quarter. Raymond James & Associates boosted its position in CubeSmart by 8.6% in the second quarter. Raymond James & Associates now owns 46,485 shares of the company’s stock valued at $1,435,000 after buying an additional 3,696 shares during the last quarter. Finally, FMR LLC boosted its position in CubeSmart by 470.0% in the second quarter. FMR LLC now owns 1,009,400 shares of the company’s stock valued at $31,170,000 after buying an additional 832,300 shares during the last quarter.
CUBE has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated a “buy” rating on shares of CubeSmart in a research report on Friday, August 26th. Zacks Investment Research downgraded CubeSmart from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Jefferies Group reduced their price objective on 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 initiated coverage on 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 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 has an average rating of “Buy” and an average price target of $34.05.
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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