QS Investors LLC decreased its stake in shares of CubeSmart (NYSE:CUBE) by 61.8% during the second quarter, HoldingsChannel reports. The firm owned 77,268 shares of the real estate investment trust’s stock after selling 125,215 shares during the quarter. QS Investors LLC’s holdings in CubeSmart were worth $3,580,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in CUBE. Ameritas Investment Company LLC bought a new stake in shares of CubeSmart during the 1st quarter valued at about $37,000. FFT Wealth Management LLC bought a new stake in CubeSmart during the second quarter worth about $37,000. Rockefeller Capital Management L.P. boosted its stake in CubeSmart by 60.0% during the second quarter. Rockefeller Capital Management L.P. now owns 997 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 374 shares in the last quarter. Lazard Asset Management LLC boosted its stake in CubeSmart by 121.5% during the first quarter. Lazard Asset Management LLC now owns 1,641 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 900 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in CubeSmart during the second quarter worth about $71,000. 95.83% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on the stock. Citigroup boosted their price objective on shares of CubeSmart from $44.50 to $51.00 and gave the stock a “neutral” rating in a research note on Thursday, July 1st. Truist boosted their price objective on shares of CubeSmart from $48.00 to $53.00 and gave the stock a “hold” rating in a research note on Monday, August 16th. They noted that the move was a valuation call. BMO Capital Markets reissued a “buy” rating on shares of CubeSmart in a report on Tuesday, August 24th. Zacks Investment Research raised shares of CubeSmart from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a report on Thursday, August 5th. Finally, Truist Securities boosted their price objective on shares of CubeSmart from $48.00 to $53.00 and gave the company a “hold” rating in a report on Monday, August 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, CubeSmart has an average rating of “Hold” and an average price target of $48.33.
CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, July 29th. The real estate investment trust reported $0.24 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.23). CubeSmart had a net margin of 24.30% and a return on equity of 9.83%. As a group, equities analysts forecast that CubeSmart will post 2.03 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Friday, October 1st will be given a $0.34 dividend. The ex-dividend date is Thursday, September 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.63%. CubeSmart’s payout ratio is currently 79.07%.
CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.
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