American Assets Investment Management LLC Invests $2.58 Million in CubeSmart (NYSE:CUBE)

Key Points

• American Assets Investment Management LLC invested approximately $2.58 million in CubeSmart (NYSE:CUBE), acquiring 60,317 shares of the real estate investment trust during the 1st quarter.
• Analysts have varied opinions on CubeSmart, with Barclays reducing its price target from $49 to $48, while Bank of America raised it from $44 to $50, reflecting a mixed sentiment in the market.
• CubeSmart will pay a quarterly dividend of $0.52 per share on October 15th, resulting in an annualized dividend of $2.08 and a dividend yield of 5.2%.

American Assets Investment Management LLC acquired a new position in shares of CubeSmart (NYSE:CUBE - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 60,317 shares of the real estate investment trust's stock, valued at approximately $2,576,000.

Several other institutional investors and hedge funds have also bought and sold shares of CUBE. LPL Financial LLC raised its holdings in CubeSmart by 19.2% during the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock worth $4,654,000 after acquiring an additional 17,518 shares in the last quarter. National Bank of Canada FI bought a new stake in CubeSmart during the fourth quarter worth about $1,200,000. Huntington National Bank raised its holdings 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 acquiring an additional 915 shares in the last quarter. Prudential PLC raised its holdings in CubeSmart by 85.7% during the fourth quarter. Prudential PLC now owns 23,737 shares of the real estate investment trust's stock worth $1,017,000 after acquiring an additional 10,954 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in CubeSmart by 2.5% during the fourth quarter. Wells Fargo & Company MN now owns 192,080 shares of the real estate investment trust's stock worth $8,231,000 after acquiring an additional 4,659 shares in the last quarter. Institutional investors own 97.61% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays decreased their price objective on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Scotiabank upped their price objective on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Evercore ISI dropped their price objective on CubeSmart from $48.00 to $47.00 and set an "in-line" rating on the stock in a research note on Monday. Finally, Mizuho upped their price objective on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $47.13.

CubeSmart Price Performance

CubeSmart stock opened at $39.74 on Tuesday. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The stock's 50 day moving average is $42.21 and its 200-day moving average is $41.58. The company has a current ratio of 0.06, a quick ratio of 0.07 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $9.06 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 7.33 and a beta of 0.94.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The company had revenue of $282.30 million for the quarter, compared to the consensus estimate of $275.71 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. The firm's revenue for the quarter was up 6.0% on a year-over-year basis. Equities research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be given a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.2%. CubeSmart's dividend payout ratio is presently 126.83%.

CubeSmart Company 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, 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.

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