CubeSmart (NYSE:CUBE) – Equities research analysts at SunTrust Banks lowered their Q3 2019 earnings per share estimates for CubeSmart in a report released on Monday, May 13th. SunTrust Banks analyst K. Kim now anticipates that the real estate investment trust will earn $0.43 per share for the quarter, down from their prior estimate of $0.44. SunTrust Banks also issued estimates for CubeSmart’s Q4 2019 earnings at $0.42 EPS, FY2019 earnings at $1.66 EPS, FY2020 earnings at $1.74 EPS, FY2021 earnings at $1.82 EPS, FY2022 earnings at $1.94 EPS and FY2023 earnings at $2.07 EPS.
CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, April 25th. The real estate investment trust reported $0.40 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.40. The firm had revenue of $152.85 million for the quarter, compared to analyst estimates of $154.06 million. CubeSmart had a net margin of 28.02% and a return on equity of 9.67%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.39 earnings per share.
NYSE CUBE opened at $32.99 on Wednesday. The firm has a market cap of $6.23 billion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 5.76 and a beta of 0.28. CubeSmart has a 1 year low of $27.19 and a 1 year high of $33.21. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.04 and a quick ratio of 0.04.
Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc raised its position in shares of CubeSmart by 2.2% in the third quarter. Vanguard Group Inc now owns 28,282,874 shares of the real estate investment trust’s stock worth $806,910,000 after acquiring an additional 603,875 shares during the period. BlackRock Inc. increased its stake in shares of CubeSmart by 1.8% during the fourth quarter. BlackRock Inc. now owns 14,152,247 shares of the real estate investment trust’s stock worth $406,029,000 after purchasing an additional 255,348 shares in the last quarter. FMR LLC increased its stake in shares of CubeSmart by 1,578.5% during the first quarter. FMR LLC now owns 10,155,446 shares of the real estate investment trust’s stock worth $325,381,000 after purchasing an additional 9,550,430 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of CubeSmart by 8.4% during the first quarter. Principal Financial Group Inc. now owns 7,225,406 shares of the real estate investment trust’s stock worth $231,503,000 after purchasing an additional 559,895 shares in the last quarter. Finally, PGGM Investments increased its stake in shares of CubeSmart by 165.5% during the first quarter. PGGM Investments now owns 4,620,470 shares of the real estate investment trust’s stock worth $148,040,000 after purchasing an additional 2,880,470 shares in the last quarter.
In other CubeSmart news, CFO Timothy M. Martin sold 60,207 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $31.51, for a total value of $1,897,122.57. Following the completion of the transaction, the chief financial officer now 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 available at this hyperlink. Also, CEO Christopher P. Marr sold 60,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $31.51, for a total transaction of $1,890,600.00. Following the completion of the transaction, the chief executive officer now owns 444,877 shares of the company’s stock, valued at approximately $14,018,074.27. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,773 shares of company stock valued at $5,657,530. Insiders own 1.04% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be given a $0.32 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.88%. CubeSmart’s dividend payout ratio (DPR) is currently 78.05%.
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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