Daiwa Securities Group Inc. Boosts Stake in CubeSmart (NYSE:CUBE)
Daiwa Securities Group Inc. increased its stake in CubeSmart (NYSE:CUBE) by 14.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,300 shares of the real estate investment trust’s stock after buying an additional 2,000 shares during the period. Daiwa Securities Group Inc.’s holdings in CubeSmart were worth $392,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in CUBE. State of Alaska Department of Revenue increased 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 buying an additional 29,010 shares during the last quarter. State Street Corp increased its position in 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 during the last quarter. Westpac Banking Corp increased its position in CubeSmart by 36.9% in the first quarter. Westpac Banking Corp now owns 531,577 shares of the real estate investment trust’s stock valued at $16,587,000 after buying an additional 143,258 shares during the last quarter. Dean Investment Associates LLC increased its position in CubeSmart by 51.9% in the first quarter. Dean Investment Associates LLC now owns 26,448 shares of the real estate investment trust’s stock valued at $687,000 after buying an additional 9,035 shares during the last quarter. Finally, KRV Capital LP acquired a new position in CubeSmart during the first quarter valued at $9,059,000.
CubeSmart (NYSE:CUBE) opened at 24.48 on Tuesday. The stock has a market cap of $4.41 billion, a PE ratio of 42.28 and a beta of 0.19. The company’s 50-day moving average is $24.07 and its 200 day moving average is $25.35. CubeSmart has a 52 week low of $22.83 and a 52 week high of $28.98.
CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping 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 quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. On average, analysts expect that CubeSmart will post $0.68 earnings per share for the current fiscal year.
The company also recently announced 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 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Friday, September 29th. CubeSmart’s dividend payout ratio is 186.21%.
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CUBE has been the subject of several recent research reports. Zacks Investment Research downgraded shares of CubeSmart from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Jefferies Group LLC reiterated a “buy” rating and issued a $31.00 target price on shares of CubeSmart in a research note on Tuesday, April 18th. Bank of America Corporation downgraded shares of CubeSmart from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $27.75 to $25.00 in a research note on Thursday, July 20th. BidaskClub upgraded shares of CubeSmart from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $27.00 target price (down previously from $29.00) on shares of CubeSmart in a research note on Thursday, May 11th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. CubeSmart presently has a consensus rating of “Hold” and an average target price of $28.71.
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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