Zacks Investment Research upgraded shares of CubeSmart (NYSE:CUBE) from a hold rating to a buy rating in a research report released on Wednesday. Zacks Investment Research currently has $30.00 price objective on the stock.
According to Zacks, “CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States. Its self storage facilities are designed to offer storage space for residential and commercial customers. CubeSmart, formally known as U-Store-It Trust, is based in Wayne, Pennsylvania. “
Several other equities research analysts also recently weighed in on the stock. Cantor Fitzgerald reissued a buy rating on shares of CubeSmart in a research report on Friday, August 26th. Jefferies Group reduced their price target on shares of CubeSmart from $39.00 to $37.00 and set a buy rating for the company in a research report on Wednesday, August 10th. DA Davidson initiated coverage on shares of CubeSmart in a research report on Friday, June 24th. They set a neutral rating and a $35.00 price target for the company. Evercore ISI raised shares of CubeSmart from a hold rating to a buy rating and set a $32.00 price target for the company in a research report on Monday, August 8th. Finally, FBR & Co started coverage on shares of CubeSmart in a research note on Thursday, June 23rd. They issued an outperform rating and a $35.00 target price on the stock. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $33.55.
CubeSmart (NYSE:CUBE) traded down 0.19% during mid-day trading on Wednesday, hitting $26.39. The stock had a trading volume of 70,262 shares. CubeSmart has a 1-year low of $25.40 and a 1-year high of $33.52. The firm’s 50-day moving average price is $27.17 and its 200-day moving average price is $29.81. The stock has a market cap of $4.73 billion, a PE ratio of 53.53 and a beta of 0.47.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.01. CubeSmart had a return on equity of 5.57% and a net margin of 19.26%. The company had revenue of $126.53 million for the quarter, compared to the consensus estimate of $124.94 million. During the same quarter last year, the business posted $0.31 earnings per share. The firm’s revenue was up 15.2% compared to the same quarter last year. On average, equities analysts expect that CubeSmart will post $1.41 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be given a dividend of $0.21 per share. The ex-dividend date is Thursday, September 29th. This represents a $0.84 dividend on an annualized basis and a yield of 3.18%. CubeSmart’s payout ratio is 171.43%.
In related news, Director William M. Diefenderfer III sold 2,961 shares of the stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $27.25, for a total transaction of $80,687.25. Following the completion of the sale, the director now owns 128,486 shares of the company’s stock, valued at $3,501,243.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.13% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CUBE. Renaissance Technologies LLC boosted its position in CubeSmart by 40.2% in the first quarter. Renaissance Technologies LLC now owns 2,055,400 shares of the company’s stock worth $68,445,000 after buying an additional 589,500 shares in the last quarter. Heitman Real Estate Securities LLC bought a new position in CubeSmart during the first quarter worth about $61,061,000. RS Investment Management Co. LLC boosted its position in CubeSmart by 16.3% in the second quarter. RS Investment Management Co. LLC now owns 725,470 shares of the company’s stock worth $22,403,000 after buying an additional 101,596 shares in the last quarter. Resolution Capital Ltd boosted its position in CubeSmart by 50.2% in the second quarter. Resolution Capital Ltd now owns 1,555,035 shares of the company’s stock worth $48,019,000 after buying an additional 519,764 shares in the last quarter. Finally, Capital Analysts LLC boosted its position in CubeSmart by 812.9% in the second quarter. Capital Analysts LLC now owns 21,380 shares of the company’s stock worth $537,000 after buying an additional 19,038 shares in the last quarter.
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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