UBS Oconnor LLC Invests $574,000 in CubeSmart (CUBE) Stock
UBS Oconnor LLC bought a new stake in CubeSmart (NYSE:CUBE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 20,000 shares of the real estate investment trust’s stock, valued at approximately $574,000.
A number of other hedge funds have also recently bought and sold shares of CUBE. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of CubeSmart by 3.8% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 192,433 shares of the real estate investment trust’s stock worth $5,490,000 after purchasing an additional 7,075 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of CubeSmart by 77.5% during the third quarter. JPMorgan Chase & Co. now owns 3,910,336 shares of the real estate investment trust’s stock worth $111,561,000 after purchasing an additional 1,707,863 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of CubeSmart by 241.5% during the third quarter. Janus Henderson Group PLC now owns 741,319 shares of the real estate investment trust’s stock worth $21,148,000 after purchasing an additional 524,231 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of CubeSmart by 179.6% during the third quarter. PNC Financial Services Group Inc. now owns 15,514 shares of the real estate investment trust’s stock worth $443,000 after purchasing an additional 9,966 shares in the last quarter. Finally, BlackRock Inc. grew its position in shares of CubeSmart by 2.0% during the third quarter. BlackRock Inc. now owns 13,896,899 shares of the real estate investment trust’s stock worth $396,479,000 after purchasing an additional 267,274 shares in the last quarter.
In related news, CEO Christopher P. Marr sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $31.51, for a total transaction of $1,890,600.00. Following the completion of the sale, the chief executive officer now directly owns 444,877 shares of the company’s stock, valued at approximately $14,018,074.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Timothy M. Martin sold 60,207 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $31.51, for a total value of $1,897,122.57. Following the sale, the chief financial officer now directly owns 242,443 shares of the company’s stock, valued at $7,639,378.93. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.
CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, February 21st. The real estate investment trust reported $0.42 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.42. The firm had revenue of $134.74 million during the quarter, compared to analysts’ expectations of $154.27 million. CubeSmart had a return on equity of 9.74% and a net margin of 28.32%. The company’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. On average, analysts anticipate that CubeSmart will post 1.66 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Monday, April 1st will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date is Friday, March 29th. CubeSmart’s dividend payout ratio (DPR) is 78.05%.
Several analysts recently issued reports on CUBE shares. BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 9th. Raymond James upgraded CubeSmart from a “market perform” rating to an “outperform” rating in a report on Thursday, March 21st. ValuEngine cut CubeSmart from a “buy” rating to a “hold” rating in a report on Friday, February 22nd. Finally, Zacks Investment Research upgraded CubeSmart from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a report on Tuesday, December 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $32.03.
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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 2019 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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