CubeSmart (NYSE:CUBE) Downgraded by ValuEngine

ValuEngine lowered shares of CubeSmart (NYSE:CUBE) from a buy rating to a hold rating in a research report sent to investors on Thursday, ValuEngine reports.

Several other research firms have also weighed in on CUBE. Bank of America lowered CubeSmart from a buy rating to a neutral rating in a research report on Friday, July 19th. Zacks Investment Research raised CubeSmart from a hold rating to a buy rating and set a $38.00 price target on the stock in a research report on Tuesday, July 30th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. CubeSmart has an average rating of Hold and a consensus target price of $31.54.

CubeSmart stock traded down $0.23 during midday trading on Thursday, reaching $34.59. The stock had a trading volume of 61,357 shares, compared to its average volume of 1,270,650. The company’s fifty day moving average is $34.04. CubeSmart has a 1-year low of $27.19 and a 1-year high of $35.23. The stock has a market capitalization of $6.64 billion, a PE ratio of 21.04, a P/E/G ratio of 6.36 and a beta of 0.19. The company has a quick ratio of 0.04, a current ratio of 0.09 and a debt-to-equity ratio of 1.04.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, July 25th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.15). The company had revenue of $159.00 million for the quarter, compared to analyst estimates of $158.86 million. CubeSmart had a return on equity of 10.19% and a net margin of 29.33%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. As a group, equities analysts anticipate that CubeSmart will post 1.67 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a $0.32 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.28 annualized dividend and a yield of 3.70%. CubeSmart’s dividend payout ratio (DPR) is presently 78.05%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CUBE. Meeder Asset Management Inc. increased its stake in shares of CubeSmart by 270.9% in the second quarter. Meeder Asset Management Inc. now owns 3,950 shares of the real estate investment trust’s stock valued at $132,000 after buying an additional 2,885 shares during the period. Duff & Phelps Investment Management Co. boosted its position in shares of CubeSmart by 10.1% during the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,505,355 shares of the real estate investment trust’s stock valued at $50,339,000 after purchasing an additional 137,700 shares in the last quarter. Swiss National Bank boosted its position in shares of CubeSmart by 2.6% during the 2nd quarter. Swiss National Bank now owns 348,300 shares of the real estate investment trust’s stock valued at $11,647,000 after purchasing an additional 8,800 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of CubeSmart by 6.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 113,178 shares of the real estate investment trust’s stock valued at $3,785,000 after purchasing an additional 6,781 shares in the last quarter. Finally, Advisory Services Network LLC boosted its position in shares of CubeSmart by 29.3% during the 2nd quarter. Advisory Services Network LLC now owns 1,939 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 439 shares in the last quarter. Institutional investors and hedge funds own 96.70% of the company’s stock.

About CubeSmart

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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