CubeSmart (NYSE:CUBE) Hits New 12-Month High at $46.14

CubeSmart (NYSE:CUBE)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $46.14 and last traded at $46.08, with a volume of 15850 shares traded. The stock had previously closed at $45.96.

Several research firms have commented on CUBE. Truist Securities upped their price objective on CubeSmart from $37.00 to $39.00 in a research report on Tuesday, March 16th. Wells Fargo & Company upped their price objective on CubeSmart from $34.00 to $36.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 2nd. Truist upped their price objective on CubeSmart from $37.00 to $39.00 in a research report on Tuesday, March 16th. Finally, BMO Capital Markets upgraded CubeSmart from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $47.00 in a research report on Friday, May 14th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $37.80.

The company has a debt-to-equity ratio of 1.20, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 53.32, a price-to-earnings-growth ratio of 4.91 and a beta of 0.25. The company has a 50 day moving average of $42.14.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, April 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.24). CubeSmart had a net margin of 24.07% and a return on equity of 9.39%. As a group, equities research analysts anticipate that CubeSmart will post 1.86 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Thursday, July 1st will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.93%. The ex-dividend date is Wednesday, June 30th. CubeSmart’s dividend payout ratio is currently 79.07%.

In related news, insider Jeffrey P. Foster sold 23,364 shares of the stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $41.88, for a total value of $978,484.32. Following the completion of the transaction, the insider now directly owns 166,839 shares of the company’s stock, valued at approximately $6,987,217.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Joel D. Keaton sold 15,132 shares of the stock in a transaction on Tuesday, May 11th. The shares were sold at an average price of $41.50, for a total value of $627,978.00. Following the completion of the transaction, the chief operating officer now directly owns 58,294 shares of the company’s stock, valued at $2,419,201. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,265 shares of company stock valued at $1,893,265. 1.28% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its stake in shares of CubeSmart by 1.6% in the 1st quarter. BlackRock Inc. now owns 15,643,920 shares of the real estate investment trust’s stock worth $591,812,000 after acquiring an additional 239,532 shares during the last quarter. PGGM Investments grew its holdings in shares of CubeSmart by 13.1% during the 1st quarter. PGGM Investments now owns 12,476,278 shares of the real estate investment trust’s stock worth $471,978,000 after purchasing an additional 1,446,838 shares during the period. Cohen & Steers Inc. grew its holdings in shares of CubeSmart by 8.7% during the 1st quarter. Cohen & Steers Inc. now owns 8,989,913 shares of the real estate investment trust’s stock worth $340,088,000 after purchasing an additional 716,920 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of CubeSmart by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,417,372 shares of the real estate investment trust’s stock worth $318,429,000 after purchasing an additional 585,740 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of CubeSmart by 6.2% during the 1st quarter. JPMorgan Chase & Co. now owns 7,879,194 shares of the real estate investment trust’s stock worth $298,071,000 after purchasing an additional 463,208 shares during the period. 96.33% of the stock is owned by institutional investors and hedge funds.

About CubeSmart (NYSE:CUBE)

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 2020 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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