CubeSmart (NYSE:CUBE) – Analysts at KeyCorp dropped their FY2019 earnings estimates for CubeSmart in a report released on Monday, May 13th. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings of $1.66 per share for the year, down from their previous forecast of $1.67.
CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, April 25th. The real estate investment trust reported $0.40 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.40. The business had revenue of $152.85 million for the quarter, compared to analysts’ expectations of $154.06 million. CubeSmart had a net margin of 28.02% and a return on equity of 9.67%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 earnings per share.
CUBE has been the topic of a number of other research reports. ValuEngine cut shares of CubeSmart from a “buy” rating to a “hold” rating in a report on Friday, February 22nd. Zacks Investment Research cut shares of CubeSmart from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Raymond James upgraded shares of CubeSmart from a “market perform” rating to an “outperform” rating in a report on Thursday, March 21st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.17.
Shares of CUBE opened at $32.87 on Wednesday. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 5.76 and a beta of 0.28. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.04 and a current ratio of 0.04. CubeSmart has a fifty-two week low of $27.19 and a fifty-two week high of $33.21.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date of this dividend is Friday, June 28th. CubeSmart’s payout ratio is 78.05%.
In other news, VP Jeffrey P. Foster sold 5,958 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $32.55, for a total transaction of $193,932.90. Following the sale, the vice president now owns 124,739 shares in the company, valued at $4,060,254.45. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Timothy M. Martin sold 60,207 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $31.51, for a total transaction of $1,897,122.57. Following the transaction, the chief financial officer now owns 242,443 shares in the company, valued at approximately $7,639,378.93. The disclosure for this sale can be found here. In the last quarter, insiders have sold 177,773 shares of company stock worth $5,657,530. Corporate insiders own 1.04% of the company’s stock.
A number of institutional investors have recently modified their holdings of CUBE. PGGM Investments lifted its position in CubeSmart by 165.5% during the first quarter. PGGM Investments now owns 4,620,470 shares of the real estate investment trust’s stock valued at $148,040,000 after purchasing an additional 2,880,470 shares during the period. Norges Bank bought a new position in CubeSmart during the fourth quarter valued at approximately $54,949,000. JPMorgan Chase & Co. lifted its position in 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 valued at $111,561,000 after purchasing an additional 1,707,863 shares during the period. FMR LLC lifted its position in CubeSmart by 191,360.8% during the fourth quarter. FMR LLC now owns 605,016 shares of the real estate investment trust’s stock valued at $17,358,000 after purchasing an additional 604,700 shares during the period. Finally, Vanguard Group Inc lifted its position in 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 valued at $806,910,000 after purchasing an additional 603,875 shares during the period.
CubeSmart Company Profile
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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