Zacks Investment Research upgraded shares of CubeSmart (NYSE:CUBE) from a sell rating to a hold rating in a research note issued to investors on Monday morning.
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 have also recently commented on the company. BMO Capital Markets reaffirmed a buy rating and issued a $30.00 price target on shares of CubeSmart in a report on Thursday, October 25th. Citigroup cut their price target on CubeSmart from $33.00 to $29.00 and set a hold rating for the company in a report on Friday, October 5th. Evercore ISI raised CubeSmart from an in-line rating to an outperform rating and set a $35.00 price target for the company in a report on Monday, September 10th. SunTrust Banks set a $32.00 target price on CubeSmart and gave the stock a hold rating in a research note on Tuesday, August 7th. Finally, ValuEngine cut CubeSmart from a buy rating to a hold rating in a research note on Thursday, August 2nd. Seven research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $32.50.
CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, October 25th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.18). CubeSmart had a net margin of 26.43% and a return on equity of 9.42%. The company had revenue of $153.37 million during the quarter, compared to analyst estimates of $150.76 million. On average, equities research analysts anticipate that CubeSmart will post 1.63 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 28th. This represents a $1.20 annualized dividend and a yield of 4.04%. CubeSmart’s dividend payout ratio (DPR) is 75.47%.
Hedge funds have recently bought and sold shares of the business. American Century Companies Inc. boosted its holdings in CubeSmart by 837.5% in the second quarter. American Century Companies Inc. now owns 1,284,859 shares of the real estate investment trust’s stock valued at $41,398,000 after purchasing an additional 1,147,811 shares during the period. Allianz Asset Management GmbH lifted its holdings in CubeSmart by 150.2% during the 1st quarter. Allianz Asset Management GmbH now owns 1,624,085 shares of the real estate investment trust’s stock worth $45,799,000 after buying an additional 974,997 shares during the last quarter. Cbre Clarion Securities LLC lifted its holdings in CubeSmart by 11.5% during the 2nd quarter. Cbre Clarion Securities LLC now owns 8,474,692 shares of the real estate investment trust’s stock worth $273,055,000 after buying an additional 875,279 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in CubeSmart during the 3rd quarter worth about $20,529,000. Finally, BlackRock Inc. lifted its holdings in CubeSmart by 4.1% during the 2nd quarter. BlackRock Inc. now owns 13,629,625 shares of the real estate investment trust’s stock worth $439,146,000 after buying an additional 537,665 shares during the last quarter.
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2018 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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