Bank of America Corporation lowered shares of CubeSmart (NYSE:CUBE) from a neutral rating to an underperform rating in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have $25.00 target price on the real estate investment trust’s stock, down from their prior target price of $27.75.
CUBE has been the topic of several other reports. BMO Capital Markets set a $29.00 price target on shares of CubeSmart and gave the stock a buy rating in a research note on Wednesday, March 22nd. Jefferies Group LLC reissued a buy rating and set a $31.00 price target on shares of CubeSmart in a research note on Tuesday, April 18th. Zacks Investment Research raised shares of CubeSmart from a sell rating to a hold rating in a research note on Wednesday, March 22nd. BidaskClub raised shares of CubeSmart from a strong sell rating to a sell rating in a research note on Wednesday, July 5th. Finally, Citigroup Inc. reissued a neutral rating and set a $27.00 price target (down from $29.00) on shares of CubeSmart in a research note on Thursday, May 11th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $29.60.
Shares of CubeSmart (NYSE CUBE) opened at 24.12 on Thursday. CubeSmart has a 12-month low of $22.83 and a 12-month high of $31.01. The firm’s 50-day moving average is $24.07 and its 200-day moving average is $25.60. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 47.67 and a beta of 0.18.
CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $0.36 EPS for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $133 million for the quarter, compared to the consensus estimate of $133.30 million. CubeSmart had a net margin of 18.53% and a return on equity of 5.80%. The business’s revenue was up 11.9% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. On average, equities analysts predict that CubeSmart will post $0.67 EPS for the current year.
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The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Monday, July 3rd were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 4.48%. The ex-dividend date was Thursday, June 29th. CubeSmart’s dividend payout ratio is 211.77%.
Several hedge funds and other institutional investors have recently modified their holdings of CUBE. Vanguard Group Inc. boosted its position in shares of CubeSmart by 2.7% in the first quarter. Vanguard Group Inc. now owns 27,937,327 shares of the real estate investment trust’s stock valued at $725,254,000 after buying an additional 735,099 shares in the last quarter. BlackRock Inc. boosted its position in shares of CubeSmart by 4,480.2% in the first quarter. BlackRock Inc. now owns 12,129,727 shares of the real estate investment trust’s stock valued at $314,886,000 after buying an additional 11,864,899 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of CubeSmart by 43.5% in the first quarter. Bank of New York Mellon Corp now owns 10,337,011 shares of the real estate investment trust’s stock valued at $268,349,000 after buying an additional 3,135,371 shares in the last quarter. State Street Corp boosted its position in shares of CubeSmart by 1.9% in the first quarter. State Street Corp now owns 5,583,913 shares of the real estate investment trust’s stock valued at $144,956,000 after buying an additional 101,843 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its position in shares of CubeSmart by 155.8% in the first quarter. OppenheimerFunds Inc. now owns 3,449,763 shares of the real estate investment trust’s stock valued at $89,555,000 after buying an additional 2,101,363 shares in the last quarter.
About CubeSmart
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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