Teachers Insurance & Annuity Association of America lowered its holdings in CubeSmart (NYSE:CUBE) by 60.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 68,198 shares of the real estate investment trust’s stock after selling 104,280 shares during the period. Teachers Insurance & Annuity Association of America’s holdings in CubeSmart were worth $2,280,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in CUBE. Marshall Wace North America L.P. boosted its stake in CubeSmart by 2,297.6% in the 1st quarter. Marshall Wace North America L.P. now owns 127,863 shares of the real estate investment trust’s stock worth $4,097,000 after buying an additional 122,530 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of CubeSmart by 17.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,620,602 shares of the real estate investment trust’s stock worth $54,226,000 after acquiring an additional 240,141 shares during the period. Commonwealth Bank of Australia boosted its position in shares of CubeSmart by 122.1% in the first quarter. Commonwealth Bank of Australia now owns 536,796 shares of the real estate investment trust’s stock worth $17,196,000 after acquiring an additional 295,063 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of CubeSmart by 8.4% in the first quarter. Principal Financial Group Inc. now owns 7,225,406 shares of the real estate investment trust’s stock worth $231,503,000 after acquiring an additional 559,895 shares during the last quarter. Finally, Pensionfund DSM Netherlands boosted its position in shares of CubeSmart by 23.4% in the second quarter. Pensionfund DSM Netherlands now owns 58,000 shares of the real estate investment trust’s stock worth $1,940,000 after acquiring an additional 11,000 shares during the last quarter. 99.07% of the stock is owned by institutional investors and hedge funds.
In other CubeSmart news, CEO Christopher P. Marr sold 79,888 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $36.15, for a total value of $2,887,951.20. Following the completion of the transaction, the chief executive officer now owns 403,687 shares in the company, valued at approximately $14,593,285.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy M. Martin sold 32,028 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $35.75, for a total transaction of $1,145,001.00. Following the completion of the sale, the chief financial officer now directly owns 214,264 shares of the company’s stock, valued at approximately $7,659,938. The disclosure for this sale can be found here. In the last three months, insiders sold 129,707 shares of company stock worth $4,669,870. Insiders own 1.04% of the company’s stock.
Shares of NYSE:CUBE traded up $0.17 during trading on Wednesday, reaching $35.23. 68,859 shares of the stock were exchanged, compared to its average volume of 1,217,655. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.09 and a current ratio of 0.09. CubeSmart has a 12-month low of $27.19 and a 12-month high of $36.32. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 6.53 and a beta of 0.17. The firm’s 50-day moving average price is $35.02 and its 200 day moving average price is $33.24.
CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, July 25th. The real estate investment trust reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.15). The business had revenue of $159.00 million during the quarter, compared to analysts’ expectations of $158.86 million. CubeSmart had a net margin of 29.33% and a return on equity of 10.19%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 EPS. As a group, equities research analysts forecast that CubeSmart will post 1.67 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Monday, September 30th. CubeSmart’s payout ratio is currently 78.05%.
Several equities analysts recently commented on CUBE shares. ValuEngine lowered shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Robert W. Baird set a $35.00 price target on shares of CubeSmart and gave the company a “hold” rating in a report on Wednesday, August 21st. Stifel Nicolaus assumed coverage on shares of CubeSmart in a research note on Monday, August 19th. They set a “hold” rating and a $35.00 price objective for the company. Zacks Investment Research downgraded CubeSmart from a “buy” rating to a “hold” rating and set a $40.00 price objective for the company. in a report on Friday, September 6th. Finally, Bank of America lowered CubeSmart from a “buy” rating to a “neutral” rating in a research report on Friday, July 19th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. CubeSmart presently has a consensus rating of “Hold” and an average price target of $32.37.
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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