Sei Investments Co. reduced its stake in CubeSmart (NYSE:CUBE) by 3.7% during the second quarter, Holdings Channel reports. The fund owned 940,918 shares of the real estate investment trust’s stock after selling 35,847 shares during the period. Sei Investments Co.’s holdings in CubeSmart were worth $22,620,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in shares of 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 valued at $140,000 after buying an additional 1,306 shares during the last quarter. Salem Investment Counselors Inc. acquired a new stake in shares of CubeSmart during the first quarter valued at $149,000. Neuberger Berman Group LLC acquired a new stake in shares of CubeSmart during the first quarter valued at $222,000. Private Capital Management Inc. acquired a new stake in shares of CubeSmart during the second quarter valued at $216,000. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of CubeSmart during the first quarter valued at $270,000.
Shares of CubeSmart (CUBE) opened at 24.56 on Friday. CubeSmart has a 52-week low of $22.83 and a 52-week high of $29.26. The stock has a market cap of $4.43 billion, a PE ratio of 42.42 and a beta of 0.19. The company’s 50-day moving average is $24.07 and its 200-day moving average is $25.44.
CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $138.60 million during the quarter, compared to analysts’ expectations of $138.07 million. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 earnings per share. Equities analysts anticipate that CubeSmart will post $0.65 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend is Friday, September 29th. CubeSmart’s dividend payout ratio (DPR) is currently 186.21%.
COPYRIGHT VIOLATION NOTICE: “Sei Investments Co. Decreases Stake in CubeSmart (NYSE:CUBE)” was first reported by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this piece of content on another domain, it was stolen and republished in violation of international copyright & trademark legislation. The original version of this piece of content can be accessed at https://stocknewstimes.com/2017/08/05/sei-investments-co-decreases-stake-in-cubesmart-nysecube.html.
Several equities research analysts have recently weighed in on the stock. BidaskClub cut shares of CubeSmart from a “sell” rating to a “strong sell” rating in a research report on Tuesday. Zacks Investment Research cut shares of CubeSmart from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Bank of America Corporation cut shares of CubeSmart from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $27.75 to $25.00 in a research report on Thursday, July 20th. Cantor Fitzgerald lowered their price target on shares of CubeSmart from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Monday, May 22nd. Finally, Citigroup Inc. reaffirmed a “neutral” rating and issued a $27.00 price target (down previously from $29.00) on shares of CubeSmart in a research report on Thursday, May 11th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. CubeSmart presently has an average rating of “Hold” and an average target price of $29.13.
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.
Want to see what other hedge funds are holding CUBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CubeSmart (NYSE:CUBE).
Receive News & Ratings for CubeSmart Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CubeSmart and related companies with MarketBeat.com's FREE daily email newsletter.
