Shelton Capital Management Acquires New Stake in CubeSmart (CUBE)
Shelton Capital Management acquired a new stake in shares of CubeSmart (NYSE:CUBE) in the fourth quarter, HoldingsChannel reports. The firm acquired 8,600 shares of the real estate investment trust’s stock, valued at approximately $249,000.
Other institutional investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in CubeSmart by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 5,341 shares of the real estate investment trust’s stock valued at $128,000 after acquiring an additional 370 shares during the last quarter. World Asset Management Inc purchased a new stake in CubeSmart during the third quarter valued at $200,000. Campbell & CO Investment Adviser LLC purchased a new stake in CubeSmart during the third quarter valued at $211,000. Profund Advisors LLC purchased a new stake in CubeSmart during the second quarter valued at $214,000. Finally, Comerica Bank purchased a new stake in CubeSmart during the third quarter valued at $220,000.
Several analysts have issued reports on CUBE shares. B. Riley reissued a “buy” rating on shares of CubeSmart in a report on Wednesday, November 1st. SunTrust Banks set a $31.00 price target on CubeSmart and gave the company a “hold” rating in a report on Monday, January 22nd. BidaskClub raised CubeSmart from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 7th. Robert W. Baird reissued a “buy” rating and set a $27.00 price target on shares of CubeSmart in a report on Tuesday, October 17th. Finally, Jefferies Group set a $33.00 price target on CubeSmart and gave the company a “buy” rating in a report on Tuesday, November 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.55.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 4.58%. The ex-dividend date was Friday, December 29th. This is a positive change from CubeSmart’s previous quarterly dividend of $0.27. CubeSmart’s payout ratio is currently 181.82%.
In other news, SVP Jonathan L. Perry sold 20,270 shares of the company’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $29.37, for a total value of $595,329.90. Following the completion of the transaction, the senior vice president now owns 67,197 shares of the company’s stock, valued at $1,973,575.89. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Timothy M. Martin sold 83,409 shares of the company’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $29.32, for a total value of $2,445,551.88. Following the completion of the transaction, the chief financial officer now directly owns 228,948 shares of the company’s stock, valued at approximately $6,712,755.36. The disclosure for this sale can be found here. Insiders have sold 167,425 shares of company stock valued at $4,915,172 in the last three months. 1.20% of the stock is currently owned by corporate insiders.
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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.
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