Stone Ridge Asset Management LLC bought a new stake in CubeSmart (NYSE:CUBE) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 53,000 shares of the real estate investment trust’s stock, valued at approximately $1,521,000.
Other hedge funds have also recently made changes to their positions in the company. Whittier Trust Co. purchased a new stake in shares of CubeSmart in the fourth quarter valued at about $29,000. We Are One Seven LLC purchased a new stake in shares of CubeSmart in the fourth quarter valued at about $50,000. Enlightenment Research LLC purchased a new stake in shares of CubeSmart in the fourth quarter valued at about $106,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of CubeSmart in the fourth quarter valued at about $119,000. Finally, NumerixS Investment Technologies Inc raised its holdings in shares of CubeSmart by 80.0% in the fourth quarter. NumerixS Investment Technologies Inc now owns 5,040 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 2,240 shares during the last quarter. Institutional investors own 99.48% of the company’s stock.
NYSE CUBE traded down $0.15 during trading hours on Wednesday, reaching $30.91. 134,408 shares of the company were exchanged, compared to its average volume of 1,561,660. CubeSmart has a 1 year low of $27.04 and a 1 year high of $33.18. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.04 and a current ratio of 0.04. The company has a market capitalization of $5.82 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 5.68 and a beta of 0.28.
CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, February 21st. The real estate investment trust reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. The firm had revenue of $134.74 million during the quarter, compared to analyst estimates of $154.27 million. CubeSmart had a net margin of 28.32% and a return on equity of 9.74%. The company’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the business earned $0.41 earnings per share. As a group, analysts forecast that CubeSmart will post 1.66 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, April 1st will be given a dividend of $0.32 per share. The ex-dividend date is Friday, March 29th. This represents a $1.28 dividend on an annualized basis and a yield of 4.14%. CubeSmart’s dividend payout ratio is presently 78.05%.
In other news, CFO Timothy M. Martin sold 60,207 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $31.51, for a total value of $1,897,122.57. Following the completion of the transaction, the chief financial officer now directly owns 242,443 shares in the company, valued at $7,639,378.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher P. Marr sold 60,000 shares of the firm’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 transaction of $1,890,600.00. Following the completion of the transaction, the chief executive officer now owns 444,877 shares of the company’s stock, valued at $14,018,074.27. The disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.
CUBE has been the subject of several analyst reports. ValuEngine upgraded shares of CubeSmart from a “hold” rating to a “buy” rating in a report on Tuesday, November 20th. Zacks Investment Research upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a report on Tuesday, December 11th. Finally, BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $32.03.
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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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