Azzad Asset Management Inc. ADV Makes New $868,000 Investment in CubeSmart (NYSE:CUBE)

Azzad Asset Management Inc. ADV acquired a new stake in shares of CubeSmart (NYSE:CUBE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 20,325 shares of the real estate investment trust's stock, valued at approximately $868,000.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of CubeSmart by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after buying an additional 85,609 shares in the last quarter. Norges Bank bought a new stake in CubeSmart during the fourth quarter worth approximately $408,064,000. T. Rowe Price Investment Management Inc. raised its position in CubeSmart by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock valued at $288,259,000 after purchasing an additional 1,464,331 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after purchasing an additional 352,754 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of CubeSmart by 46.6% in the 4th quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock valued at $161,067,000 after purchasing an additional 1,195,246 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Stock Down 0.4%

Shares of NYSE CUBE traded down $0.16 during mid-day trading on Tuesday, reaching $42.94. 1,273,435 shares of the company were exchanged, compared to its average volume of 1,522,206. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The firm has a 50-day moving average of $41.36 and a 200 day moving average of $42.02. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 7.92 and a beta of 0.98. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The company's revenue was up 4.4% compared to the same quarter last year. During the same period last year, the business earned $0.64 EPS. On average, research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.84%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CUBE shares. Scotiabank increased their price target on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Truist Financial raised their target price on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Wolfe Research assumed coverage on shares of CubeSmart in a research note on Monday, May 19th. 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 report on Thursday, March 6th. Finally, Mizuho upped their target price on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, CubeSmart presently has an average rating of "Hold" and a consensus price target of $47.36.

CubeSmart 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.