Cornercap Investment Counsel Inc. Makes New Investment in CubeSmart (NYSE:CUBE)

Cornercap Investment Counsel Inc. acquired a new position in CubeSmart (NYSE:CUBE) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 40,771 shares of the real estate investment trust’s stock, valued at approximately $1,092,000.

A number of other hedge funds have also recently modified their holdings of the business. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of CubeSmart by 22.0% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 49,591 shares of the real estate investment trust’s stock valued at $1,329,000 after acquiring an additional 8,936 shares during the period. AGF Investments Inc. bought a new position in shares of CubeSmart during the 1st quarter valued at approximately $249,000. Teachers Insurance & Annuity Association of America grew its position in shares of CubeSmart by 30.6% during the 1st quarter. Teachers Insurance & Annuity Association of America now owns 75,054 shares of the real estate investment trust’s stock valued at $2,010,000 after acquiring an additional 17,580 shares during the period. CWM Advisors LLC bought a new position in shares of CubeSmart during the 1st quarter valued at approximately $46,000. Finally, PNC Financial Services Group Inc. grew its position in shares of CubeSmart by 58.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,044 shares of the real estate investment trust’s stock valued at $323,000 after acquiring an additional 4,460 shares during the period.

NYSE CUBE traded up $0.29 on Friday, hitting $25.54. The stock had a trading volume of 1,172,385 shares, compared to its average volume of 1,339,522. CubeSmart has a 52-week low of $19.61 and a 52-week high of $36.32. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.28 and a current ratio of 0.28. The company has a market capitalization of $4.89 billion, a price-to-earnings ratio of 28.06, a price-to-earnings-growth ratio of 9.85 and a beta of 0.25. The firm has a 50-day moving average of $25.49 and a 200-day moving average of $29.28.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, May 7th. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.20). CubeSmart had a return on equity of 9.53% and a net margin of 26.18%. The firm had revenue of $164.08 million during the quarter, compared to analysts’ expectations of $162.56 million. During the same quarter in the prior year, the company earned $0.40 earnings per share. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, research analysts anticipate that CubeSmart will post 1.62 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 5.17%. The ex-dividend date of this dividend is Tuesday, June 30th. CubeSmart’s dividend payout ratio is presently 78.11%.

A number of research analysts have recently weighed in on the stock. Citigroup reduced their target price on shares of CubeSmart from $31.00 to $27.00 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Wells Fargo & Co cut their price objective on shares of CubeSmart from $28.00 to $25.00 and set an “underweight” rating for the company in a report on Thursday, April 2nd. Stifel Nicolaus cut their price objective on shares of CubeSmart from $32.00 to $21.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Zacks Investment Research downgraded shares of CubeSmart from a “hold” rating to a “sell” rating in a report on Monday, March 16th. Finally, Raymond James downgraded shares of CubeSmart from a “strong-buy” rating to an “outperform” rating in a report on Sunday, April 19th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $29.33.

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.

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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