Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of CubeSmart (NYSE:CUBE) by 4.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 175,165 shares of the real estate investment trust’s stock after purchasing an additional 6,728 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.10% of CubeSmart worth $4,940,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of CUBE. American International Group Inc. acquired a new position in CubeSmart during the fourth quarter worth $119,000. Shelton Capital Management acquired a new position in CubeSmart during the fourth quarter worth $249,000. Fort Washington Investment Advisors Inc. OH acquired a new position in CubeSmart during the first quarter worth $265,000. K2 Principal Fund L.P. acquired a new position in CubeSmart during the fourth quarter worth $289,000. Finally, Ellington Management Group LLC acquired a new position in CubeSmart during the fourth quarter worth $301,000.
In related news, CEO Christopher P. Marr sold 175,568 shares of the stock in a transaction dated Friday, May 4th. The stock was sold at an average price of $29.87, for a total transaction of $5,244,216.16. Following the transaction, the chief executive officer now owns 529,378 shares of the company’s stock, valued at approximately $15,812,520.86. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan L. Perry sold 70,748 shares of the stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $30.31, for a total value of $2,144,371.88. Following the transaction, the senior vice president now directly owns 70,920 shares in the company, valued at approximately $2,149,585.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 465,322 shares of company stock worth $13,934,902. 1.26% of the stock is owned by corporate insiders.
Shares of CubeSmart stock opened at $29.53 on Friday. CubeSmart has a 52 week low of $29.84 and a 52 week high of $30.04. The firm has a market capitalization of $5.43 billion, a PE ratio of 18.49, a price-to-earnings-growth ratio of 3.50 and a beta of 0.07. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.04.
CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, April 26th. The real estate investment trust reported $0.19 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.20). CubeSmart had a net margin of 25.27% and a return on equity of 9.00%. The business had revenue of $142.90 million during the quarter, compared to analyst estimates of $144.05 million. During the same period last year, the company earned $0.36 EPS. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. equities analysts forecast that CubeSmart will post 1.64 earnings per share for the current fiscal year.
A number of equities analysts have weighed in on the company. Bank of America raised CubeSmart from an “underperform” rating to a “neutral” rating and set a $32.00 price objective on the stock in a research note on Tuesday, May 8th. ValuEngine raised CubeSmart from a “hold” rating to a “buy” rating in a research note on Friday, April 27th. BMO Capital Markets reissued a “buy” rating and set a $30.00 price objective on shares of CubeSmart in a research note on Thursday, April 26th. Cantor Fitzgerald set a $31.00 price target on CubeSmart and gave the company a “buy” rating in a research note on Friday, March 9th. Finally, Zacks Investment Research raised CubeSmart from a “sell” rating to a “hold” rating in a research note on Tuesday, March 6th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $31.00.
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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