Principal Financial Group Inc. reduced its stake in CubeSmart (NYSE:CUBE) by 6.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,665,511 shares of the real estate investment trust’s stock after selling 435,809 shares during the period. Principal Financial Group Inc. owned 3.58% of CubeSmart worth $191,233,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the company. Whittier Trust Co. acquired a new stake in CubeSmart during the fourth quarter valued at approximately $29,000. We Are One Seven LLC acquired a new stake in CubeSmart during the fourth quarter valued at approximately $50,000. Enlightenment Research LLC acquired a new stake in CubeSmart during the fourth quarter valued at approximately $106,000. Oppenheimer Asset Management Inc. acquired a new stake in CubeSmart during the fourth quarter valued at approximately $119,000. Finally, NumerixS Investment Technologies Inc lifted its stake in CubeSmart by 80.0% during the fourth quarter. NumerixS Investment Technologies Inc now owns 5,040 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 2,240 shares during the last quarter. 99.48% of the stock is owned by institutional investors.
In other news, CEO Christopher P. Marr sold 60,000 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $31.51, for a total transaction of $1,890,600.00. Following the transaction, the chief executive officer now owns 444,877 shares in the company, valued at approximately $14,018,074.27. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Timothy M. Martin sold 60,207 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $31.51, for a total transaction of $1,897,122.57. Following the transaction, the chief financial officer now owns 242,443 shares in the company, valued at approximately $7,639,378.93. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.
Several equities research analysts recently commented on the stock. BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 9th. ValuEngine downgraded shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Friday, February 22nd. Finally, Zacks Investment Research downgraded shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Thursday, December 13th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. CubeSmart currently has an average rating of “Hold” and a consensus price target of $32.03.
CubeSmart stock opened at $31.12 on Tuesday. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 18.98, a P/E/G ratio of 5.40 and a beta of 0.28. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.02. CubeSmart has a twelve month low of $27.04 and a twelve month high of $33.18.
CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, February 21st. The real estate investment trust reported $0.42 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.42. The firm had revenue of $134.74 million for the quarter, compared to analyst estimates of $154.27 million. CubeSmart had a net margin of 28.32% and a return on equity of 9.74%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 EPS. Equities research analysts forecast that CubeSmart will post 1.66 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, April 1st will be paid a $0.32 dividend. The ex-dividend date is Friday, March 29th. This represents a $1.28 annualized dividend and a yield of 4.11%. CubeSmart’s dividend payout ratio is presently 78.05%.
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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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