CubeSmart (NYSE:CUBE) Position Cut by Metropolitan Life Insurance Co. NY
Metropolitan Life Insurance Co. NY decreased its stake in shares of CubeSmart (NYSE:CUBE) by 0.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,672 shares of the real estate investment trust’s stock after selling 112 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in CubeSmart were worth $511,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of CUBE. PNC Financial Services Group Inc. boosted its position in CubeSmart by 31.9% in the first quarter. PNC Financial Services Group Inc. now owns 5,400 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 1,306 shares in the last quarter. Neuberger Berman Group LLC bought a new position in CubeSmart during the first quarter worth approximately $222,000. Fort Washington Investment Advisors Inc. OH bought a new position in CubeSmart during the first quarter worth approximately $270,000. Raymond James Financial Services Advisors Inc. boosted its position in CubeSmart by 42.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 12,541 shares of the real estate investment trust’s stock worth $326,000 after buying an additional 3,710 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its position in CubeSmart by 53.3% in the first quarter. Advisors Asset Management Inc. now owns 13,437 shares of the real estate investment trust’s stock worth $349,000 after buying an additional 4,672 shares in the last quarter.
CubeSmart (NYSE:CUBE) traded down 0.78% during midday trading on Friday, reaching $24.17. 1,311,389 shares of the company were exchanged. The firm has a market capitalization of $4.36 billion, a PE ratio of 41.74 and a beta of 0.19. The company has a 50-day moving average of $24.08 and a 200 day moving average of $25.37. CubeSmart has a 52 week low of $22.83 and a 52 week high of $28.61.
CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. CubeSmart had a return on equity of 6.65% and a net margin of 20.36%. The business had revenue of $138.60 million during the quarter, compared to the consensus estimate of $138.07 million. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. Equities analysts predict that CubeSmart will post $0.68 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.08 annualized dividend and a dividend yield of 4.47%. CubeSmart’s dividend payout ratio (DPR) is 186.21%.
A number of equities analysts have commented on the stock. Jefferies Group LLC reissued a “buy” rating and issued a $31.00 price target on shares of CubeSmart in a research note on Tuesday, April 18th. Zacks Investment Research upgraded shares of CubeSmart from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. Cantor Fitzgerald lowered their price objective on shares of CubeSmart from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Monday, May 22nd. Citigroup Inc. restated a “neutral” rating and issued a $27.00 price objective (down from $29.00) on shares of CubeSmart in a report on Thursday, May 11th. Finally, BidaskClub lowered shares of CubeSmart from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.71.
CubeSmart Company Profile
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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