Emerald Advisers Inc. PA Cuts Stake in CubeSmart (CUBE)
Emerald Advisers Inc. PA lowered its stake in CubeSmart (NYSE:CUBE) by 26.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 454,334 shares of the company’s stock after selling 161,270 shares during the period. Emerald Advisers Inc. PA’s holdings in CubeSmart were worth $14,030,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Institutional Trust Company N.A. boosted its position in CubeSmart by 3.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,491,886 shares of the company’s stock valued at $216,180,000 after buying an additional 240,867 shares during the last quarter. State Street Corp boosted its position in CubeSmart by 5.0% in the first quarter. State Street Corp now owns 6,118,594 shares of the company’s stock valued at $203,754,000 after buying an additional 291,230 shares during the last quarter. BlackRock Fund Advisors boosted its position in CubeSmart by 0.6% in the first quarter. BlackRock Fund Advisors now owns 5,427,691 shares of the company’s stock valued at $180,742,000 after buying an additional 34,835 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in CubeSmart by 5.0% in the first quarter. Goldman Sachs Group Inc. now owns 4,980,182 shares of the company’s stock valued at $165,840,000 after buying an additional 237,263 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in CubeSmart by 40.2% in the first quarter. Renaissance Technologies LLC now owns 2,055,400 shares of the company’s stock valued at $68,445,000 after buying an additional 589,500 shares during the last quarter.
CubeSmart (NYSE:CUBE) traded down 3.47% during mid-day trading on Wednesday, reaching $25.86. The company had a trading volume of 1,952,632 shares. CubeSmart has a 12-month low of $25.66 and a 12-month high of $33.52. The stock has a market capitalization of $4.64 billion, a P/E ratio of 52.45 and a beta of 0.47. The stock has a 50 day moving average price of $27.42 and a 200-day moving average price of $30.03.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. CubeSmart had a return on equity of 5.57% and a net margin of 19.26%. The firm had revenue of $126.53 million for the quarter, compared to analysts’ expectations of $124.94 million. During the same quarter in the prior year, the firm earned $0.31 EPS. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts anticipate that CubeSmart will post $1.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.25%. CubeSmart’s dividend payout ratio is presently 171.43%.
CUBE has been the topic of a number of recent analyst reports. Cantor Fitzgerald restated a “buy” rating on shares of CubeSmart in a research report on Friday, August 26th. Zacks Investment Research cut CubeSmart from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Jefferies Group decreased their price target on CubeSmart from $39.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. DA Davidson initiated coverage on CubeSmart in a research report on Friday, June 24th. They issued a “neutral” rating and a $35.00 price target on the stock. Finally, Evercore ISI upgraded CubeSmart from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Monday, August 8th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. CubeSmart currently has a consensus rating of “Buy” and a consensus target price of $34.05.
In other news, Director William M. Diefenderfer III sold 2,961 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $27.25, for a total transaction of $80,687.25. Following the transaction, the director now owns 128,486 shares of the company’s stock, valued at approximately $3,501,243.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.13% of the company’s stock.
CubeSmart Company Profile
CubeSmart operates as a self-managed and self-administered real estate investment trust (REIT). The Company’s operations are conducted solely through CubeSmart, L.P. (the Operating Partnership) and its subsidiaries. The Company is focused primarily on the ownership, operation, management, acquisition and development of self-storage facilities in the United States.
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