California Public Employees Retirement System Lowers Position in CubeSmart (CUBE)
California Public Employees Retirement System trimmed its position in shares of CubeSmart (NYSE:CUBE) by 18.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 340,094 shares of the real estate investment trust’s stock after selling 77,455 shares during the period. California Public Employees Retirement System owned approximately 0.18% of CubeSmart worth $10,958,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of CUBE. Sun Life Financial INC bought a new position in CubeSmart during the 2nd quarter worth about $118,000. Centaurus Financial Inc. bought a new position in CubeSmart during the 2nd quarter worth about $154,000. PNC Financial Services Group Inc. increased its holdings in CubeSmart by 198.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,548 shares of the real estate investment trust’s stock worth $180,000 after purchasing an additional 3,686 shares in the last quarter. CIBC Asset Management Inc bought a new position in CubeSmart during the 2nd quarter worth about $208,000. Finally, Clinton Group Inc. bought a new position in CubeSmart during the 1st quarter worth about $221,000.
A number of research firms have issued reports on CUBE. Zacks Investment Research upgraded CubeSmart from a “sell” rating to a “hold” rating in a report on Thursday. Bank of America raised their price objective on CubeSmart from $33.00 to $34.00 and gave the company a “neutral” rating in a report on Monday, July 16th. Evercore ISI cut CubeSmart from an “outperform” rating to an “in-line” rating in a report on Monday, July 16th. Citigroup set a $29.00 price objective on CubeSmart and gave the company a “hold” rating in a report on Friday. Finally, BMO Capital Markets restated a “buy” rating and issued a $32.00 price objective on shares of CubeSmart in a report on Friday, July 27th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $32.64.
CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, July 26th. The real estate investment trust reported $0.41 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.41. The company had revenue of $147.82 million during the quarter, compared to analysts’ expectations of $148.68 million. CubeSmart had a return on equity of 9.22% and a net margin of 25.89%. CubeSmart’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS. As a group, sell-side analysts forecast that CubeSmart will post 1.63 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 28th. This represents a $1.20 annualized dividend and a yield of 4.31%. CubeSmart’s dividend payout ratio (DPR) is currently 75.47%.
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2018 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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