Macquarie Group Ltd. Has $6.82 Million Position in CubeSmart (CUBE)
Macquarie Group Ltd. lowered its holdings in CubeSmart (NYSE:CUBE) by 40.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 283,743 shares of the real estate investment trust’s stock after selling 195,665 shares during the period. Macquarie Group Ltd. owned about 0.16% of CubeSmart worth $6,821,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its position in CubeSmart by 32.6% in the second quarter. State of Alaska Department of Revenue now owns 118,110 shares of the real estate investment trust’s stock valued at $2,838,000 after purchasing an additional 29,010 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of CubeSmart by 10.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,782,647 shares of the real estate investment trust’s stock valued at $42,855,000 after acquiring an additional 168,284 shares during the period. State Street Corp grew its position in shares of CubeSmart by 1.9% in the 1st quarter. State Street Corp now owns 5,583,913 shares of the real estate investment trust’s stock valued at $144,956,000 after acquiring an additional 101,843 shares during the period. Paloma Partners Management Co bought a new position in shares of CubeSmart in the 1st quarter valued at about $557,000. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of CubeSmart by 42.0% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 12,541 shares of the real estate investment trust’s stock valued at $326,000 after acquiring an additional 3,710 shares during the period.
Shares of CubeSmart (CUBE) opened at 26.10 on Tuesday. The firm has a market cap of $4.70 billion, a PE ratio of 45.08 and a beta of 0.19. The stock’s 50 day moving average is $25.85 and its 200-day moving average is $25.12. CubeSmart has a 1-year low of $22.83 and a 1-year high of $28.06.
CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The company had revenue of $138.60 million during the quarter, compared to analyst estimates of $138.07 million. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. Analysts expect that CubeSmart will post $0.69 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Monday, October 2nd were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, September 29th. This represents a $1.08 annualized dividend and a yield of 4.14%. CubeSmart’s payout ratio is currently 186.21%.
A number of research analysts have recently commented on the stock. BidaskClub downgraded shares of CubeSmart from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Robert W. Baird reissued a “buy” rating and issued a $27.00 price objective on shares of CubeSmart in a research report on Tuesday. Jefferies Group LLC set a $30.00 price objective on shares of CubeSmart and gave the company a “buy” rating in a research report on Friday, August 18th. Zacks Investment Research downgraded shares of CubeSmart from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, KeyCorp reissued a “hold” rating on shares of CubeSmart in a research report on Friday, August 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $28.13.
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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