Shinko Asset Management Co. Ltd. Has $67,963,000 Stake in CubeSmart (CUBE)
Shinko Asset Management Co. Ltd. increased its position in CubeSmart (NYSE:CUBE) by 0.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,200,875 shares of the company’s stock after buying an additional 180 shares during the period. Shinko Asset Management Co. Ltd.’s holdings in CubeSmart were worth $67,963,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Columbia Partners L L C Investment Management acquired a new stake in CubeSmart during the first quarter worth $4,171,000. BlackRock Japan Co. Ltd boosted its stake in CubeSmart by 17.3% in the first quarter. BlackRock Japan Co. Ltd now owns 10,576 shares of the company’s stock worth $352,000 after buying an additional 1,557 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in CubeSmart by 3.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,491,886 shares of the company’s stock worth $216,180,000 after buying an additional 240,867 shares in the last quarter. BlackRock Fund Advisors boosted its stake in CubeSmart by 0.6% in the first quarter. BlackRock Fund Advisors now owns 5,427,691 shares of the company’s stock worth $180,742,000 after buying an additional 34,835 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in CubeSmart by 3.5% in the first quarter. BlackRock Group LTD now owns 1,229,085 shares of the company’s stock worth $40,928,000 after buying an additional 42,115 shares in the last quarter.
CubeSmart (NYSE:CUBE) traded up 0.23% on Friday, hitting $26.63. The stock had a trading volume of 972,413 shares. The company has a market capitalization of $4.77 billion, a PE ratio of 54.02 and a beta of 0.70. The company has a 50 day moving average of $28.02 and a 200 day moving average of $30.47. CubeSmart has a 12-month low of $25.42 and a 12-month high of $33.52.
CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, July 28th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01. CubeSmart had a return on equity of 5.57% and a net margin of 19.26%. The firm earned $126.53 million during the quarter, compared to analysts’ expectations of $124.94 million. During the same period in the prior year, the company earned $0.31 earnings per share. The company’s quarterly revenue was up 15.2% on a year-over-year basis. On average, equities analysts expect that CubeSmart will post $1.41 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.15%. The ex-dividend date is Thursday, September 29th. CubeSmart’s payout ratio is presently 171.43%.
A number of research firms recently weighed in on CUBE. Zacks Investment Research raised CubeSmart from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a report on Tuesday, July 5th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $35.00 price target on shares of CubeSmart in a report on Sunday, May 22nd. SunTrust Banks Inc. cut CubeSmart from a “buy” rating to a “neutral” rating and dropped their price target for the company from $37.00 to $33.00 in a report on Monday, July 25th. FBR & Co began coverage on CubeSmart in a report on Thursday, June 23rd. They set an “outperform” rating and a $35.00 price target for the company. Finally, Jefferies Group reaffirmed a “buy” rating on shares of CubeSmart in a report on Monday, August 1st. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $34.05.
In other CubeSmart news, Director William M. Diefenderfer III sold 2,961 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $27.25, for a total transaction of $80,687.25. Following the completion of the sale, the director now directly owns 128,486 shares in the company, valued at $3,501,243.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.13% of the company’s stock.
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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