CubeSmart’s (CUBE) Hold Rating Reiterated at KeyCorp
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of CubeSmart from a sell rating to a hold rating in a report on Wednesday, May 3rd. Citigroup Inc. restated a neutral rating and issued a $27.00 target price (down from $29.00) on shares of CubeSmart in a report on Thursday, May 11th. BidaskClub upgraded shares of CubeSmart from a strong sell rating to a sell rating in a report on Wednesday, July 19th. Bank of America Corporation downgraded shares of CubeSmart from a neutral rating to an underperform rating and lowered their target price for the company from $27.75 to $25.00 in a report on Thursday, July 20th. Finally, Cantor Fitzgerald lowered 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. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $28.57.
Shares of CubeSmart (NYSE CUBE) opened at 24.58 on Friday. The firm has a 50-day moving average of $24.13 and a 200 day moving average of $25.29. CubeSmart has a 52 week low of $22.83 and a 52 week high of $28.61. The company has a market cap of $4.43 billion, a P/E ratio of 42.45 and a beta of 0.19.
CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The firm had revenue of $138.60 million during the quarter, compared to the consensus estimate of $138.07 million. During the same period in the previous year, the firm earned $0.36 earnings per share. CubeSmart’s revenue was up 9.6% compared to the same quarter last year. Equities analysts expect that CubeSmart will post $0.69 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be paid a dividend of $0.27 per share. The ex-dividend date is Friday, September 29th. This represents a $1.08 annualized dividend and a yield of 4.39%. CubeSmart’s dividend payout ratio is currently 186.21%.
Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in CubeSmart by 2.7% in the first quarter. Vanguard Group Inc. now owns 27,937,327 shares of the real estate investment trust’s stock valued at $725,254,000 after buying an additional 735,099 shares in the last quarter. BlackRock Inc. increased its stake in CubeSmart by 5.4% in the second quarter. BlackRock Inc. now owns 12,780,418 shares of the real estate investment trust’s stock valued at $307,242,000 after buying an additional 650,691 shares in the last quarter. Bank of New York Mellon Corp increased its stake in CubeSmart by 12.9% in the second quarter. Bank of New York Mellon Corp now owns 11,672,676 shares of the real estate investment trust’s stock valued at $280,612,000 after buying an additional 1,335,665 shares in the last quarter. Lasalle Investment Management Securities LLC increased its stake in CubeSmart by 5.9% in the second quarter. Lasalle Investment Management Securities LLC now owns 10,264,646 shares of the real estate investment trust’s stock valued at $246,762,000 after buying an additional 569,240 shares in the last quarter. Finally, Cbre Clarion Securities LLC increased its stake in CubeSmart by 62.1% in the second quarter. Cbre Clarion Securities LLC now owns 6,324,509 shares of the real estate investment trust’s stock valued at $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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