Public Employees Retirement Association of Colorado reduced its holdings in CubeSmart (NYSE:CUBE) by 2.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 306,397 shares of the real estate investment trust’s stock after selling 8,700 shares during the period. Public Employees Retirement Association of Colorado owned 0.16% of CubeSmart worth $10,246,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in shares of CubeSmart by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,873,665 shares of the real estate investment trust’s stock worth $82,448,000 after buying an additional 56,689 shares during the period. Geode Capital Management LLC increased its stake in shares of CubeSmart by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 2,322,854 shares of the real estate investment trust’s stock worth $66,642,000 after buying an additional 144,354 shares during the period. Pennsylvania Trust Co purchased a new position in shares of CubeSmart in the first quarter worth $2,632,000. Nisa Investment Advisors LLC increased its position in CubeSmart by 64.8% during the 1st quarter. Nisa Investment Advisors LLC now owns 27,190 shares of the real estate investment trust’s stock valued at $871,000 after purchasing an additional 10,690 shares during the period. Finally, Aurora Investment Counsel purchased a new position in CubeSmart during the 1st quarter valued at $1,351,000. Hedge funds and other institutional investors own 96.60% of the company’s stock.
CUBE has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of CubeSmart from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Tuesday, July 30th. ValuEngine downgraded shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Bank of America downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating in a research report on Friday, July 19th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $31.44.
CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, July 25th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the Zacks’ 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 return on equity of 10.19% and a net margin of 29.33%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 earnings per share. Analysts predict that CubeSmart will post 1.67 EPS for the current fiscal year.
The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Monday, September 30th. CubeSmart’s dividend payout ratio is presently 78.05%.
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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