CubeSmart (NYSE:CUBE – Get Rating) – Investment analysts at Jefferies Financial Group dropped their Q2 2023 earnings per share estimates for CubeSmart in a research note issued to investors on Thursday, April 14th. Jefferies Financial Group analyst J. Petersen now anticipates that the real estate investment trust will earn $0.64 per share for the quarter, down from their previous forecast of $0.65. Jefferies Financial Group also issued estimates for CubeSmart’s FY2023 earnings at $2.59 EPS and FY2024 earnings at $2.79 EPS.
CUBE has been the topic of a number of other research reports. StockNews.com cut shares of CubeSmart from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research cut CubeSmart from a “buy” rating to a “hold” rating in a report on Friday, March 11th. Finally, JPMorgan Chase & Co. lifted their price target on CubeSmart from $57.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, April 4th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and a consensus target price of $52.13.
CubeSmart (NYSE:CUBE – Get Rating) last issued its quarterly earnings results on Thursday, February 24th. The real estate investment trust reported $0.21 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.35). CubeSmart had a return on equity of 12.20% and a net margin of 28.82%. The company had revenue of $174.80 million for the quarter, compared to the consensus estimate of $224.28 million. During the same period in the previous year, the business posted $0.47 EPS. The business’s revenue for the quarter was up 15.8% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 18th. Investors of record on Friday, April 1st will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, March 31st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.20%. CubeSmart’s dividend payout ratio is presently 157.80%.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue grew its position in CubeSmart by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 113,860 shares of the real estate investment trust’s stock worth $5,923,000 after buying an additional 2,946 shares during the last quarter. Gateway Investment Advisers LLC grew its position in CubeSmart by 11.8% in the first quarter. Gateway Investment Advisers LLC now owns 235,594 shares of the real estate investment trust’s stock worth $12,258,000 after buying an additional 24,884 shares during the last quarter. Nordea Investment Management AB acquired a new position in CubeSmart in the first quarter worth approximately $10,688,000. American Trust acquired a new position in CubeSmart in the fourth quarter worth approximately $239,000. Finally, Norges Bank acquired a new position in CubeSmart in the fourth quarter worth approximately $200,344,000. Institutional investors and hedge funds own 87.82% of the company’s stock.
About CubeSmart (Get Rating)
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 2020 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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