APG Asset Management US Inc. Buys New Shares in CubeSmart $CUBE

Key Points

• APG Asset Management US Inc. has acquired 69,044 shares of CubeSmart (NYSE:CUBE) valued at approximately $2.9 million as part of its recent investment strategy.
• Several institutional investors, including T. Rowe Price Investment Management Inc., have significantly increased their holdings in CubeSmart, indicating strong confidence in the REIT's potential.
• CubeSmart recently posted strong quarterly results, exceeding earnings expectations with $0.65 EPS and announcing a quarterly dividend of $0.52 per share which has a yield of 5.1%.

APG Asset Management US Inc. bought a new position in shares of CubeSmart (NYSE:CUBE - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 69,044 shares of the real estate investment trust's stock, valued at approximately $2,902,000.

Several other hedge funds also recently made changes to their positions in CUBE. T. Rowe Price Investment Management Inc. increased its holdings in shares of CubeSmart by 28.8% during the first quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust's stock worth $370,049,000 after purchasing an additional 1,937,055 shares during the period. Alyeska Investment Group L.P. increased its stake in CubeSmart by 219.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock valued at $110,323,000 after acquiring an additional 1,768,626 shares during the last quarter. Nuveen LLC bought a new position in CubeSmart in the first quarter valued at approximately $53,980,000. JPMorgan Chase & Co. increased its stake in CubeSmart by 29.3% in the first quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust's stock valued at $237,519,000 after acquiring an additional 1,261,746 shares during the last quarter. Finally, Northern Trust Corp increased its stake in CubeSmart by 46.6% in the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock valued at $161,067,000 after acquiring an additional 1,195,246 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Mizuho lifted their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. BNP Paribas Exane assumed coverage on shares of CubeSmart in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $46.00 price objective on the stock. Truist Financial lifted their price objective on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, May 19th. 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 note on Tuesday, May 13th. Finally, Wolfe Research initiated coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, CubeSmart presently has an average rating of "Hold" and a consensus target price of $46.69.

CubeSmart Trading Down 0.3%

Shares of CubeSmart stock traded down $0.14 during trading on Thursday, hitting $40.58. The company's stock had a trading volume of 485,045 shares, compared to its average volume of 1,776,566. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The stock has a market cap of $9.25 billion, a price-to-earnings ratio of 24.73, a price-to-earnings-growth ratio of 8.95 and a beta of 0.94. The stock has a 50-day moving average price of $41.13 and a two-hundred day moving average price of $41.34.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The company had revenue of $282.30 million for the quarter, compared to analysts' expectations of $275.71 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. CubeSmart's revenue for the quarter was up 6.0% on a year-over-year basis. CubeSmart has set its Q3 2025 guidance at 0.640-0.660 EPS. FY 2025 guidance at 2.540-2.600 EPS. Equities research analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be paid 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 5.1%. CubeSmart's payout ratio is currently 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.