APG Asset Management N.V. bought a new position in CubeSmart (NYSE:CUBE) in the first quarter, according to its most recent filing with the SEC. The firm bought 70,200 shares of the real estate investment trust’s stock, valued at approximately $1,881,000.
A number of other large investors also recently added to or reduced their stakes in the business. Bank of America Corp DE raised its holdings in shares of CubeSmart by 24.0% in the fourth quarter. Bank of America Corp DE now owns 1,928,363 shares of the real estate investment trust’s stock worth $60,704,000 after buying an additional 372,744 shares during the last quarter. Loomis Sayles & Co. L P increased its position in shares of CubeSmart by 3.8% in the 1st quarter. Loomis Sayles & Co. L P now owns 380,761 shares of the real estate investment trust’s stock valued at $10,201,000 after acquiring an additional 14,010 shares during the period. Norges Bank purchased a new position in CubeSmart in the 4th quarter worth $63,243,000. Parametric Portfolio Associates LLC lifted its position in CubeSmart by 13.9% during the 1st quarter. Parametric Portfolio Associates LLC now owns 516,180 shares of the real estate investment trust’s stock worth $13,828,000 after acquiring an additional 63,108 shares during the period. Finally, Legal & General Group Plc grew its stake in CubeSmart by 11.0% during the 1st quarter. Legal & General Group Plc now owns 1,065,138 shares of the real estate investment trust’s stock valued at $28,535,000 after purchasing an additional 105,736 shares during the last quarter. 96.64% of the stock is currently owned by institutional investors.
CUBE has been the subject of several research analyst reports. Citigroup reduced their price objective on CubeSmart from $31.00 to $27.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Wells Fargo & Co decreased their price objective on shares of CubeSmart from $28.00 to $25.00 and set an “underweight” rating for the company in a research note on Thursday, April 2nd. Zacks Investment Research lowered shares of CubeSmart from a “hold” rating to a “sell” rating in a research note on Monday, May 25th. Stifel Nicolaus reduced their target price on shares of CubeSmart from $32.00 to $21.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Finally, SunTrust Banks lowered their price target on shares of CubeSmart from $34.00 to $31.00 and set a “hold” rating on the stock in a report on Friday, April 17th. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $29.33.
CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, May 7th. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.20). The business had revenue of $164.08 million for the quarter, compared to analysts’ expectations of $162.56 million. CubeSmart had a net margin of 26.18% and a return on equity of 9.53%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business earned $0.40 EPS. Equities research analysts forecast that CubeSmart will post 1.61 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be given a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.32 annualized dividend and a dividend yield of 4.89%. CubeSmart’s dividend payout ratio (DPR) is 78.11%.
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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