CubeSmart (CUBE) Position Lifted by BTIM Corp.

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BTIM Corp. increased its holdings in CubeSmart (NYSE:CUBE) by 0.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 710,339 shares of the real estate investment trust’s stock after acquiring an additional 2,742 shares during the quarter. BTIM Corp.’s holdings in CubeSmart were worth $22,759,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Pennsylvania Trust Co bought a new stake in CubeSmart in the first quarter valued at about $2,632,000. PGGM Investments increased its holdings in CubeSmart by 165.5% in the first quarter. PGGM Investments now owns 4,620,470 shares of the real estate investment trust’s stock valued at $148,040,000 after buying an additional 2,880,470 shares during the last quarter. Timbercreek Investment Management Inc. bought a new stake in CubeSmart in the first quarter valued at about $8,964,000. Manning & Napier Group LLC increased its holdings in CubeSmart by 80.8% in the first quarter. Manning & Napier Group LLC now owns 76,760 shares of the real estate investment trust’s stock valued at $2,459,000 after buying an additional 34,315 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in CubeSmart by 0.9% in the first quarter. State of Alaska Department of Revenue now owns 81,231 shares of the real estate investment trust’s stock valued at $2,601,000 after buying an additional 722 shares during the last quarter.

NYSE:CUBE opened at $31.10 on Wednesday. The company has a market cap of $6.03 billion, a PE ratio of 18.96, a P/E/G ratio of 5.79 and a beta of 0.29. CubeSmart has a 52 week low of $27.19 and a 52 week high of $33.18. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, February 21st. The real estate investment trust reported $0.42 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.42. The company had revenue of $134.74 million during the quarter, compared to analyst estimates of $154.27 million. CubeSmart had a return on equity of 9.74% and a net margin of 28.32%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 earnings per share. Equities research analysts anticipate that CubeSmart will post 1.66 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend was Friday, March 29th. CubeSmart’s dividend payout ratio (DPR) is presently 78.05%.

CUBE has been the subject of several research analyst reports. Raymond James raised CubeSmart from a “market perform” rating to an “outperform” rating in a report on Thursday, March 21st. BMO Capital Markets lowered CubeSmart from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 9th. Zacks Investment Research lowered CubeSmart from a “hold” rating to a “sell” rating in a report on Thursday, April 4th. Finally, ValuEngine lowered CubeSmart from a “buy” rating to a “hold” rating in a report on Friday, February 22nd. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $32.03.

In other news, CFO Timothy M. Martin sold 60,207 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 242,443 shares in the company, valued at $7,639,378.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Christopher P. Marr sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $31.51, for a total value of $1,890,600.00. Following the transaction, the chief executive officer now owns 444,877 shares of the company’s stock, valued at $14,018,074.27. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

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CubeSmart 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 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

Further Reading: Special Dividends

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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