Renaissance Technologies LLC cut its holdings in CubeSmart (NYSE:CUBE) by 22.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 500,100 shares of the real estate investment trust’s stock after selling 147,400 shares during the quarter. Renaissance Technologies LLC’s holdings in CubeSmart were worth $16,113,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Cbre Clarion Securities LLC boosted its stake in CubeSmart by 11.5% in the second quarter. Cbre Clarion Securities LLC now owns 8,474,692 shares of the real estate investment trust’s stock valued at $273,055,000 after acquiring an additional 875,279 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in CubeSmart by 178.6% in the second quarter. Envestnet Asset Management Inc. now owns 19,439 shares of the real estate investment trust’s stock valued at $626,000 after acquiring an additional 12,462 shares during the last quarter. United Services Automobile Association boosted its stake in CubeSmart by 14.6% in the second quarter. United Services Automobile Association now owns 32,102 shares of the real estate investment trust’s stock valued at $1,034,000 after acquiring an additional 4,078 shares during the last quarter. FMR LLC boosted its stake in CubeSmart by 10.2% in the second quarter. FMR LLC now owns 648,000 shares of the real estate investment trust’s stock valued at $20,878,000 after acquiring an additional 59,900 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in CubeSmart by 198.0% in the second quarter. PNC Financial Services Group Inc. now owns 5,548 shares of the real estate investment trust’s stock valued at $180,000 after acquiring an additional 3,686 shares during the last quarter.

Shares of NYSE CUBE opened at $28.34 on Friday. The firm has a market cap of $5.42 billion, a PE ratio of 17.82, a PEG ratio of 3.56 and a beta of 0.08. CubeSmart has a twelve month low of $24.96 and a twelve month high of $33.18. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.94.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, July 26th. The real estate investment trust reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The company had revenue of $147.82 million for the quarter, compared to analysts’ expectations of $148.68 million. CubeSmart had a net margin of 25.89% and a return on equity of 9.22%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. equities analysts anticipate that CubeSmart will post 1.63 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, September 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.23%. CubeSmart’s dividend payout ratio is 75.47%.

A number of brokerages have issued reports on CUBE. Zacks Investment Research cut shares of CubeSmart from a “buy” rating to a “hold” rating in a research note on Thursday, July 12th. Bank of America lifted their price target on shares of CubeSmart from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, July 16th. Evercore ISI cut shares of CubeSmart from an “outperform” rating to an “in-line” rating in a research report on Monday, July 16th. BMO Capital Markets reissued a “buy” rating and set a $32.00 price target on shares of CubeSmart in a research report on Friday, July 27th. Finally, SunTrust Banks set a $32.00 price target on shares of CubeSmart and gave the stock a “hold” rating in a research report on Tuesday, August 7th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $33.00.

CubeSmart Profile

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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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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