Private Capital Management Inc. Takes Position in CubeSmart (CUBE)

Private Capital Management Inc. acquired a new position in CubeSmart (NYSE:CUBE) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 9,000 shares of the real estate investment trust’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its position in shares of CubeSmart by 31.9% in the first quarter. PNC Financial Services Group Inc. now owns 5,400 shares of the real estate investment trust’s stock worth $140,000 after buying an additional 1,306 shares during the last quarter. Salem Investment Counselors Inc. bought a new stake in CubeSmart during the first quarter valued at $149,000. Neuberger Berman Group LLC bought a new stake in CubeSmart during the first quarter valued at $222,000. Fort Washington Investment Advisors Inc. OH bought a new stake in CubeSmart during the first quarter valued at $270,000. Finally, Raymond James Financial Services Advisors Inc. increased its stake in CubeSmart by 42.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 12,541 shares of the real estate investment trust’s stock valued at $326,000 after buying an additional 3,710 shares in the last quarter.

CubeSmart (CUBE) traded down 2.28% during trading on Friday, hitting $23.52. 1,806,159 shares of the company traded hands. CubeSmart has a 52-week low of $22.83 and a 52-week high of $28.98. The company’s 50-day moving average is $24.06 and its 200 day moving average is $25.31. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of 40.62 and a beta of 0.19.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The firm had revenue of $138.60 million for the quarter, compared to analyst estimates of $138.07 million. During the same period last year, the firm posted $0.36 EPS. CubeSmart’s quarterly revenue was up 9.6% on a year-over-year basis. On average, equities analysts anticipate that CubeSmart will post $0.68 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a $0.27 dividend. The ex-dividend date is Friday, September 29th. This represents a $1.08 dividend on an annualized basis and a yield of 4.59%. CubeSmart’s dividend payout ratio (DPR) is 186.21%.

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Several research firms have weighed in on CUBE. Zacks Investment Research downgraded shares of CubeSmart from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Jefferies Group LLC set a $30.00 target price on shares of CubeSmart and gave the stock a “buy” rating in a research report on Friday. BidaskClub cut shares of CubeSmart from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Cantor Fitzgerald decreased their price objective on shares of CubeSmart from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Monday, May 22nd. Finally, Bank of America Corporation cut shares of CubeSmart from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $27.75 to $25.00 in a research note on Thursday, July 20th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $28.57.

About CubeSmart

CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.

Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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