Bank of New York Mellon Corp Sells 15,750 Shares of CubeSmart (CUBE)

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Bank of New York Mellon Corp cut its position in shares of CubeSmart (NYSE:CUBE) by 0.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 2,029,349 shares of the real estate investment trust’s stock after selling 15,750 shares during the quarter. Bank of New York Mellon Corp’s holdings in CubeSmart were worth $57,898,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC grew its holdings in shares of CubeSmart by 118.5% during the third quarter. SG Americas Securities LLC now owns 141,027 shares of the real estate investment trust’s stock worth $4,024,000 after buying an additional 76,489 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in CubeSmart by 3.8% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 192,433 shares of the real estate investment trust’s stock valued at $5,490,000 after purchasing an additional 7,075 shares during the period. Advisors Asset Management Inc. grew its holdings in CubeSmart by 18.1% in the second quarter. Advisors Asset Management Inc. now owns 23,537 shares of the real estate investment trust’s stock valued at $758,000 after purchasing an additional 3,604 shares during the period. Virginia Retirement Systems ET AL grew its holdings in CubeSmart by 4.3% in the third quarter. Virginia Retirement Systems ET AL now owns 554,500 shares of the real estate investment trust’s stock valued at $15,820,000 after purchasing an additional 22,900 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in CubeSmart by 170.7% in the third quarter. Alliancebernstein L.P. now owns 9,565,516 shares of the real estate investment trust’s stock valued at $272,904,000 after purchasing an additional 6,031,338 shares during the period.

A number of research firms recently issued reports on CUBE. Zacks Investment Research upgraded shares of CubeSmart from a “sell” rating to a “hold” rating in a report on Thursday, October 4th. BMO Capital Markets restated a “buy” rating and issued a $30.00 target price on shares of CubeSmart in a report on Thursday, October 25th. Citigroup lowered their target price on shares of CubeSmart from $33.00 to $29.00 and set a “hold” rating for the company in a report on Friday, October 5th. ValuEngine upgraded shares of CubeSmart from a “hold” rating to a “buy” rating in a report on Tuesday, November 20th. Finally, Bank of America upgraded shares of CubeSmart from a “neutral” rating to a “buy” rating and set a $25.22 target price for the company in a report on Thursday, November 15th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $31.91.

Shares of CUBE stock opened at $28.70 on Friday. The company has a market cap of $5.29 billion, a price-to-earnings ratio of 18.05, a price-to-earnings-growth ratio of 2.79 and a beta of 0.24. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.04 and a current ratio of 0.04. CubeSmart has a fifty-two week low of $25.22 and a fifty-two week high of $33.18.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, October 25th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.18). The business had revenue of $153.37 million for the quarter, compared to analyst estimates of $150.76 million. CubeSmart had a net margin of 26.43% and a return on equity of 9.34%. As a group, equities research analysts anticipate that CubeSmart will post 1.64 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Wednesday, January 2nd will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 4.46%. This is a boost from CubeSmart’s previous quarterly dividend of $0.30. The ex-dividend date is Monday, December 31st. CubeSmart’s payout ratio is 80.50%.

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CubeSmart Company 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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