BidaskClub upgraded shares of CubeSmart (NYSE:CUBE) from a sell rating to a hold rating in a report released on Saturday.
Several other research firms have also recently weighed in on CUBE. Zacks Investment Research cut shares of CubeSmart from a hold rating to a sell rating in a research note on Friday, July 21st. Evercore ISI reaffirmed an outperform rating and set a $28.00 price objective (up from $27.00) on shares of CubeSmart in a research report on Thursday, September 14th. KeyCorp reaffirmed a hold rating on shares of CubeSmart in a research report on Friday, August 25th. UBS AG cut shares of CubeSmart from an outperform rating to a market perform rating in a research report on Wednesday, August 30th. Finally, Bank of America Corporation cut shares of CubeSmart from a neutral rating to an underperform rating and reduced their price objective for the stock from $27.75 to $25.00 in a research report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $28.25.
Shares of CubeSmart (CUBE) opened at 26.33 on Friday. The stock has a 50 day moving average of $24.92 and a 200-day moving average of $25.16. CubeSmart has a 52 week low of $22.83 and a 52 week high of $28.47. The firm has a market capitalization of $4.74 billion, a PE ratio of 45.47 and a beta of 0.17.
CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The business had revenue of $138.60 million during the quarter, compared to analysts’ expectations of $138.07 million. During the same period last year, the business earned $0.36 earnings per share. The firm’s revenue was up 9.6% on a year-over-year basis. Equities analysts anticipate that CubeSmart will post $0.69 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Friday, September 29th. CubeSmart’s dividend payout ratio is currently 186.21%.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of CubeSmart by 2.7% during the first quarter. Vanguard Group Inc. now owns 27,937,327 shares of the real estate investment trust’s stock worth $725,254,000 after buying an additional 735,099 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of CubeSmart by 5.4% during the second quarter. BlackRock Inc. now owns 12,780,418 shares of the real estate investment trust’s stock worth $307,242,000 after buying an additional 650,691 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of CubeSmart by 12.9% during the second quarter. Bank of New York Mellon Corp now owns 11,672,676 shares of the real estate investment trust’s stock worth $280,612,000 after buying an additional 1,335,665 shares in the last quarter. Lasalle Investment Management Securities LLC lifted its holdings in shares of CubeSmart by 5.9% during the second quarter. Lasalle Investment Management Securities LLC now owns 10,264,646 shares of the real estate investment trust’s stock worth $246,762,000 after buying an additional 569,240 shares in the last quarter. Finally, Cbre Clarion Securities LLC lifted its holdings in shares of CubeSmart by 62.1% during the second quarter. Cbre Clarion Securities LLC now owns 6,324,509 shares of the real estate investment trust’s stock worth $152,041,000 after buying an additional 2,423,464 shares in the last quarter.
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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