CubeSmart (CUBE) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $0.36 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.35. The company posted revenue of $126.53 million in the period, compared to analysts expectations of $125.04 million. The company’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.
Many Wall Street Analysts have commented on CubeSmart. CubeSmart was Downgraded by SunTrust to ” Neutral” on Jul 25, 2016. DA Davidson Initiated CubeSmart on Jun 24, 2016 to “Neutral”, Price Target of the shares are set at $35.CubeSmart was Initiated by FBR Capital to “Outperform” on Jun 23, 2016.
CubeSmart closed down -0.75 points or -2.50% at $29.21 with 58,05,859 shares getting traded on Thursday. Post opening the session at $29.85, the shares hit an intraday low of $28.8 and an intraday high of $29.89 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on Aug 12, 2015, Timothy M Martin (CFO) sold 110,046 shares at $26.23 per share price. According to the SEC, on May 5, 2015, Jeffrey P Foster (Sr. VP – Chief Legal Officer) sold 108,376 shares at $23.56 per share price.
CubeSmart is a self-administered and self-managed real estate company focused primarily on the ownership operation management acquisition and development of self-storage facilities in the United States. The Company’s self-storage facilities offer storage space for its residential and commercial customers with features such as wide aisles and loadbearing capabilities for large truck access. As of December 31 2014 the Company owned 421 self-storage facilities located in 22 states of the United States and in the District of Columbia containing an aggregate of approximately 28.6 million rentable square feet. As of December 31 2014 the Company managed 174 facilities for third parties (including 35 facilities containing an aggregate of approximately 2.4 million rentable square feet as part of an unconsolidated real estate venture in which it owns a 50% interest).