Connor Clark & Lunn Investment Management Ltd. purchased a new position in CubeSmart (NYSE:CUBE) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 70,275 shares of the real estate investment trust’s stock, valued at approximately $2,264,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its holdings in shares of CubeSmart by 39.6% during the second quarter. Wells Fargo & Company MN now owns 347,001 shares of the real estate investment trust’s stock valued at $11,179,000 after purchasing an additional 98,383 shares during the period. Synovus Financial Corp bought a new position in CubeSmart during the second quarter valued at about $295,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in CubeSmart by 5.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 185,358 shares of the real estate investment trust’s stock valued at $5,972,000 after buying an additional 10,193 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in CubeSmart during the second quarter valued at about $4,125,000. Finally, TD Asset Management Inc. bought a new position in CubeSmart during the second quarter valued at about $416,000.
NYSE:CUBE opened at $30.35 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.07 and a quick ratio of 0.07. CubeSmart has a 1-year low of $23.46 and a 1-year high of $33.18. The firm has a market capitalization of $5.65 billion, a P/E ratio of 18.64, a P/E/G ratio of 3.70 and a beta of 0.07.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be given a $0.30 dividend. The ex-dividend date is Friday, September 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.95%. CubeSmart’s dividend payout ratio (DPR) is 75.47%.
Several research analysts recently weighed in on the company. SunTrust Banks set a $32.00 target price on CubeSmart and gave the company a “hold” rating in a research note on Tuesday, August 7th. ValuEngine cut CubeSmart from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. BMO Capital Markets reaffirmed a “buy” rating and set a $32.00 target price on shares of CubeSmart in a research note on Friday, July 27th. Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and set a $37.00 target price for the company. in a research note on Tuesday, July 17th. Finally, Bank of America raised their target price on CubeSmart from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Monday, July 16th. Eleven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $32.36.
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 2018 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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