Resolution Capital Ltd raised its position in shares of CubeSmart (NYSE:CUBE) by 50.2% during the second quarter, Holdings Channel reports. The institutional investor owned 1,555,035 shares of the company’s stock after buying an additional 519,764 shares during the period. CubeSmart makes up about 3.2% of Resolution Capital Ltd’s holdings, making the stock its 14th largest position. Resolution Capital Ltd’s holdings in CubeSmart were worth $48,019,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Pacad Investment Ltd. acquired a new position in shares of CubeSmart during the first quarter worth $263,000. Invictus RG purchased a new position in shares of CubeSmart during the first quarter worth approximately $270,000. Miles Capital Inc. purchased a new position in shares of CubeSmart during the first quarter worth approximately $311,000. BlackRock Japan Co. Ltd increased its position in shares of CubeSmart by 17.3% in the first quarter. BlackRock Japan Co. Ltd now owns 10,576 shares of the company’s stock worth $352,000 after buying an additional 1,557 shares during the period. Finally, Adams Diversified Equity Fund Inc. purchased a new position in shares of CubeSmart during the second quarter worth approximately $408,000.
CubeSmart (NYSE:CUBE) traded up 0.50% during trading on Thursday, hitting $28.04. The company had a trading volume of 2,012,549 shares. CubeSmart has a one year low of $26.24 and a one year high of $33.52. The stock has a 50-day moving average of $27.52 and a 200-day moving average of $30.18. The stock has a market capitalization of $5.03 billion, a PE ratio of 56.88 and a beta of 0.70.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.01. The business had revenue of $126.53 million for the quarter, compared to the consensus estimate of $124.94 million. CubeSmart had a return on equity of 5.57% and a net margin of 19.26%. The firm’s revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 EPS. On average, equities analysts anticipate that CubeSmart will post $1.41 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date is Thursday, September 29th. CubeSmart’s dividend payout ratio (DPR) is presently 171.43%.
A number of brokerages have commented on CUBE. SunTrust Banks Inc. downgraded CubeSmart from a “buy” rating to a “neutral” rating and lowered their target price for the company from $37.00 to $33.00 in a research note on Monday, July 25th. FBR & Co set a $35.00 target price on CubeSmart and gave the company a “buy” rating in a research note on Sunday, September 18th. Zacks Investment Research upgraded CubeSmart from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Tuesday, July 5th. Evercore ISI downgraded CubeSmart from a “buy” rating to a “hold” rating in a research note on Tuesday, August 9th. Finally, DA Davidson began coverage on CubeSmart in a research note on Friday, June 24th. They issued a “neutral” rating and a $35.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. CubeSmart currently has a consensus rating of “Buy” and a consensus price target of $34.05.
In other CubeSmart news, Director William M. Diefenderfer III sold 2,961 shares of the stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $27.25, for a total transaction of $80,687.25. Following the completion of the transaction, the director now owns 128,486 shares in the company, valued at approximately $3,501,243.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.13% of the company’s stock.
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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