Cornerstone Capital Management Holdings LLC. Cuts Stake in CubeSmart (CUBE)

Cornerstone Capital Management Holdings LLC. decreased its stake in CubeSmart (NYSE:CUBE) by 6.9% during the first quarter, Holdings Channel reports. The institutional investor owned 87,909 shares of the real estate investment trust’s stock after selling 6,523 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in CubeSmart were worth $2,282,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PEAK6 Investments L.P. bought a new stake in shares of CubeSmart during the fourth quarter valued at approximately $983,000. Bayesian Capital Management LP bought a new stake in shares of CubeSmart during the fourth quarter valued at approximately $522,000. Waratah Capital Advisors Ltd. increased its stake in shares of CubeSmart by 13.4% in the fourth quarter. Waratah Capital Advisors Ltd. now owns 514,674 shares of the real estate investment trust’s stock valued at $13,778,000 after buying an additional 60,692 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of CubeSmart during the fourth quarter valued at approximately $264,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of CubeSmart during the fourth quarter valued at approximately $179,000.

Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

CubeSmart (NYSE:CUBE) traded up 0.29% during mid-day trading on Monday, reaching $23.88. 512,800 shares of the company’s stock were exchanged. The company has a 50-day moving average of $25.14 and a 200-day moving average of $25.90. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of 47.19 and a beta of 0.19. CubeSmart has a 52-week low of $23.65 and a 52-week high of $32.13.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, April 27th. The real estate investment trust reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. The firm had revenue of $133 million during the quarter, compared to analyst estimates of $133.30 million. CubeSmart had a net margin of 18.53% and a return on equity of 5.80%. The company’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter last year, the business earned $0.32 earnings per share. Equities research analysts anticipate that CubeSmart will post $0.67 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Monday, July 3rd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.08 dividend on an annualized basis and a yield of 4.54%. CubeSmart’s dividend payout ratio is presently 211.77%.

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CUBE has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of CubeSmart from a “hold” rating to a “sell” rating in a report on Tuesday, February 14th. BMO Capital Markets set a $29.00 target price on shares of CubeSmart and gave the stock a “buy” rating in a report on Wednesday, March 22nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $31.00 target price on shares of CubeSmart in a report on Tuesday, April 18th. Citigroup Inc. reaffirmed a “neutral” rating and set a $27.00 target price (down previously from $29.00) on shares of CubeSmart in a report on Thursday, May 11th. Finally, Cantor Fitzgerald reduced their target price on shares of CubeSmart from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Monday, May 22nd. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. CubeSmart presently has an average rating of “Hold” and a consensus price target of $30.40.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CUBE”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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