Westpac Banking Corp lifted its holdings in shares of CubeSmart (NYSE:CUBE) by 66.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 619,799 shares of the real estate investment trust’s stock after buying an additional 248,400 shares during the period. Westpac Banking Corp’s holdings in CubeSmart were worth $17,925,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in CubeSmart by 7.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,341 shares of the real estate investment trust’s stock valued at $128,000 after purchasing an additional 370 shares during the last quarter. World Asset Management Inc acquired a new position in CubeSmart in the 3rd quarter valued at $200,000. Comerica Bank acquired a new position in CubeSmart in the 3rd quarter valued at $220,000. Campbell & CO Investment Adviser LLC acquired a new position in CubeSmart in the 3rd quarter valued at $211,000. Finally, Profund Advisors LLC acquired a new position in CubeSmart in the 2nd quarter valued at $214,000.
Several research analysts recently commented on the company. Zacks Investment Research raised CubeSmart from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Monday, December 18th. Robert W. Baird downgraded CubeSmart from an “outperform” rating to a “neutral” rating and increased their price objective for the company from $27.00 to $29.00 in a research note on Tuesday, November 28th. B. Riley set a $32.00 price objective on CubeSmart and gave the company a “buy” rating in a research note on Tuesday, November 14th. Jefferies Group set a $33.00 price objective on CubeSmart and gave the company a “buy” rating in a research note on Tuesday, November 28th. Finally, BidaskClub raised CubeSmart from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $29.00.
CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, October 26th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.18). CubeSmart had a return on equity of 7.58% and a net margin of 22.19%. sell-side analysts anticipate that CubeSmart will post 1.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Tuesday, January 2nd were paid a $0.30 dividend. The ex-dividend date was Friday, December 29th. This is an increase from CubeSmart’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.38%. CubeSmart’s dividend payout ratio (DPR) is 181.82%.
In other news, CFO Timothy M. Martin sold 83,409 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $29.32, for a total transaction of $2,445,551.88. Following the completion of the transaction, the chief financial officer now directly owns 228,948 shares in the company, valued at approximately $6,712,755.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jonathan L. Perry sold 20,270 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $29.37, for a total value of $595,329.90. Following the transaction, the senior vice president now owns 67,197 shares of the company’s stock, valued at $1,973,575.89. The disclosure for this sale can be found here. Insiders sold a total of 167,425 shares of company stock valued at $4,915,172 over the last ninety days. Corporate insiders own 1.20% of the company’s stock.
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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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