CubeSmart (CUBE) Issues Earnings Results
CubeSmart (NYSE:CUBE) posted its quarterly earnings data on Thursday. The company reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.01. CubeSmart had a net margin of 19.93% and a return on equity of 5.84%. The firm had revenue of $132.50 million for the quarter, compared to the consensus estimate of $131.57 million. During the same period in the prior year, the firm posted $0.33 EPS. The firm’s revenue was up 15.2% compared to the same quarter last year. CubeSmart updated its Q1 guidance to $0.35-0.36 EPS and its FY17 guidance to $1.52-1.57 EPS.
CubeSmart (NYSE:CUBE) traded up 1.78% during mid-day trading on Thursday, hitting $25.77. 2,402,383 shares of the company were exchanged. CubeSmart has a 12-month low of $23.65 and a 12-month high of $33.52. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 49.37 and a beta of 0.27. The stock’s 50 day moving average is $25.99 and its 200-day moving average is $26.34.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Monday, April 3rd will be issued a $0.27 dividend. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.19%. CubeSmart’s dividend payout ratio (DPR) is presently 207.70%.
A number of research analysts have commented on CUBE shares. FBR & Co reiterated a “buy” rating and set a $32.00 price objective on shares of CubeSmart in a research note on Friday, October 28th. Bank of America Corporation downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and set a $28.00 price objective on the stock. in a research note on Friday, January 20th. Zacks Investment Research upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research note on Wednesday, November 30th. Cantor Fitzgerald reiterated a “buy” rating on shares of CubeSmart in a research note on Friday, October 28th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $29.00 price objective on shares of CubeSmart in a research note on Thursday, January 12th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $32.10.
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Several institutional investors have recently added to or reduced their stakes in CUBE. Public Employees Retirement System of Ohio raised its position in CubeSmart by 36.5% in the second quarter. Public Employees Retirement System of Ohio now owns 261,520 shares of the company’s stock worth $8,076,000 after buying an additional 69,989 shares in the last quarter. Amalgamated Bank raised its position in shares of CubeSmart by 48.5% in the second quarter. Amalgamated Bank now owns 26,126 shares of the company’s stock worth $734,000 after buying an additional 8,529 shares during the period. Legal & General Group Plc raised its position in shares of CubeSmart by 4.3% in the second quarter. Legal & General Group Plc now owns 374,088 shares of the company’s stock worth $11,552,000 after buying an additional 15,497 shares during the period. Numeric Investors LLC raised its position in shares of CubeSmart by 525.0% in the second quarter. Numeric Investors LLC now owns 80,000 shares of the company’s stock worth $2,470,000 after buying an additional 67,200 shares during the period. Finally, Paloma Partners Management Co raised its position in shares of CubeSmart by 1,085.3% in the second quarter. Paloma Partners Management Co now owns 258,734 shares of the company’s stock worth $7,990,000 after buying an additional 236,906 shares during the period. 99.91% of the stock is currently owned by institutional investors.
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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