California Public Employees Retirement System lifted its stake in CubeSmart (NYSE:CUBE) by 1.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 304,912 shares of the real estate investment trust’s stock after acquiring an additional 5,700 shares during the period. California Public Employees Retirement System owned 0.17% of CubeSmart worth $7,330,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of CubeSmart by 31.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,400 shares of the real estate investment trust’s stock worth $140,000 after acquiring an additional 1,306 shares in the last quarter. Salem Investment Counselors Inc. bought a new position in shares of CubeSmart in the 1st quarter worth $149,000. Commonwealth Bank of Australia raised its position in shares of CubeSmart by 3.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 7,568 shares of the real estate investment trust’s stock worth $181,000 after acquiring an additional 283 shares in the last quarter. Neuberger Berman Group LLC bought a new position in shares of CubeSmart in the 1st quarter worth $222,000. Finally, Profund Advisors LLC bought a new position in shares of CubeSmart in the 2nd quarter worth $214,000.
CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. CubeSmart had a return on equity of 6.65% and a net margin of 20.36%. The company had revenue of $138.60 million for the quarter, compared to analysts’ expectations of $138.07 million. During the same period last year, the firm earned $0.36 earnings per share. CubeSmart’s quarterly revenue was up 9.6% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend is Friday, September 29th. CubeSmart’s dividend payout ratio is presently 186.21%.
Several brokerages recently weighed in on CUBE. BidaskClub upgraded CubeSmart from a “sell” rating to a “hold” rating in a research note on Saturday, September 16th. Evercore ISI restated an “outperform” rating and set a $28.00 target price (up from $27.00) on shares of CubeSmart in a research note on Thursday, September 14th. BMO Capital Markets restated a “market perform” rating and set a $27.00 target price on shares of CubeSmart in a research note on Monday, September 11th. Raymond James Financial, Inc. downgraded CubeSmart from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 30th. Finally, UBS AG downgraded CubeSmart from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 30th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. CubeSmart presently has an average rating of “Hold” and an average price target of $28.29.
CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.
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