CubeSmart (NYSE:CUBE) Holdings Decreased by Bank of America Corp DE

Bank of America Corp DE trimmed its holdings in CubeSmart (NYSE:CUBE - Free Report) by 9.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,001,969 shares of the real estate investment trust's stock after selling 108,896 shares during the quarter. Bank of America Corp DE owned approximately 0.44% of CubeSmart worth $42,934,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. grew its position in CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 289 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares during the period. SRS Capital Advisors Inc. grew its stake in shares of CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 559 shares during the period. UMB Bank n.a. boosted its holdings in CubeSmart by 59.4% during the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock worth $40,000 after buying an additional 351 shares in the last quarter. Finally, Huntington National Bank grew its position in CubeSmart by 307.0% during the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock worth $52,000 after buying an additional 915 shares during the period. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Stock Up 0.6%

Shares of NYSE:CUBE traded up $0.25 during mid-day trading on Tuesday, hitting $43.83. 198,268 shares of the company traded hands, compared to its average volume of 1,477,356. The firm has a market cap of $9.99 billion, a P/E ratio of 24.78, a PEG ratio of 11.58 and a beta of 1.00. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The firm's 50 day simple moving average is $40.66 and its 200 day simple moving average is $42.88.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company's revenue was up 4.4% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. On average, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a dividend of $0.52 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 4.75%. CubeSmart's dividend payout ratio is presently 123.08%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CUBE. Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Evercore ISI upped their target price on CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Wolfe Research began coverage on CubeSmart in a research note on Monday. They set an "outperform" rating and a $48.00 price target for the company. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Finally, Barclays lowered their price objective on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Friday. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $47.07.

About CubeSmart

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, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.