CubeSmart (NYSE:CUBE) – Stock analysts at SunTrust Banks decreased their Q3 2019 EPS estimates for shares of CubeSmart in a research report issued to clients and investors on Monday, May 13th. SunTrust Banks analyst K. Kim now expects that the real estate investment trust will post earnings of $0.43 per share for the quarter, down from their previous forecast of $0.44. SunTrust Banks also issued estimates for CubeSmart’s Q4 2019 earnings at $0.42 EPS, FY2019 earnings at $1.66 EPS, FY2020 earnings at $1.74 EPS, FY2021 earnings at $1.82 EPS, FY2022 earnings at $1.94 EPS and FY2023 earnings at $2.07 EPS.
Several other analysts have also issued reports on the company. Raymond James upgraded CubeSmart from a “market perform” rating to an “outperform” rating in a research note on Thursday, March 21st. Zacks Investment Research lowered CubeSmart from a “hold” rating to a “sell” rating in a research note on Thursday, April 4th. BMO Capital Markets restated a “hold” rating and issued a $30.00 price objective on shares of CubeSmart in a research note on Sunday, February 24th. Finally, ValuEngine lowered CubeSmart from a “buy” rating to a “hold” rating in a research note on Friday, February 22nd. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.17.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, April 25th. The real estate investment trust reported $0.40 EPS for the quarter, meeting the consensus estimate of $0.40. CubeSmart had a return on equity of 9.67% and a net margin of 28.02%. The firm had revenue of $152.85 million during the quarter, compared to analysts’ expectations of $154.06 million. During the same period in the prior year, the firm posted $0.39 earnings per share. The business’s quarterly revenue was up 7.0% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently made changes to their positions in CUBE. PGGM Investments increased its stake in shares of CubeSmart by 165.5% during the first quarter. PGGM Investments now owns 4,620,470 shares of the real estate investment trust’s stock worth $148,040,000 after purchasing an additional 2,880,470 shares during the period. Norges Bank bought a new position in shares of CubeSmart during the fourth quarter worth approximately $54,949,000. JPMorgan Chase & Co. increased its stake in shares of CubeSmart by 77.5% during the third quarter. JPMorgan Chase & Co. now owns 3,910,336 shares of the real estate investment trust’s stock worth $111,561,000 after purchasing an additional 1,707,863 shares during the period. FMR LLC increased its stake in shares of CubeSmart by 191,360.8% during the fourth quarter. FMR LLC now owns 605,016 shares of the real estate investment trust’s stock worth $17,358,000 after purchasing an additional 604,700 shares during the period. Finally, Vanguard Group Inc increased its stake in shares of CubeSmart by 2.2% during the third quarter. Vanguard Group Inc now owns 28,282,874 shares of the real estate investment trust’s stock worth $806,910,000 after purchasing an additional 603,875 shares during the period.
In other CubeSmart news, CFO Timothy M. Martin sold 60,207 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $31.51, for a total value of $1,897,122.57. Following the sale, the chief financial officer now owns 242,443 shares in the company, valued at $7,639,378.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher P. Marr sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $31.51, for a total value of $1,890,600.00. Following the completion of the sale, the chief executive officer now owns 444,877 shares in the company, valued at approximately $14,018,074.27. The disclosure for this sale can be found here. Insiders sold 177,773 shares of company stock worth $5,657,530 in the last 90 days. Corporate insiders own 1.04% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be paid a $0.32 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.28 annualized dividend and a yield of 3.89%. CubeSmart’s dividend payout ratio is 78.05%.
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 2019 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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