20,325 Shares in CubeSmart (NYSE:CUBE) Acquired by Azzad Asset Management Inc. ADV

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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 289 shares during the period. Thrivent Financial for Lutherans raised its position in shares of CubeSmart by 0.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock worth $2,280,000 after buying an additional 306 shares during the period. Magnetar Financial LLC boosted its holdings in CubeSmart by 2.3% in the fourth quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock valued at $606,000 after acquiring an additional 320 shares during the last quarter. Mariner LLC grew its position in CubeSmart by 2.5% during the fourth quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock valued at $585,000 after acquiring an additional 328 shares during the period. Finally, CIBC Asset Management Inc increased its stake in CubeSmart by 5.1% during the fourth quarter. CIBC Asset Management Inc now owns 6,984 shares of the real estate investment trust's stock worth $299,000 after acquiring an additional 342 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Stock Down 0.7%

CUBE stock traded down $0.29 during mid-day trading on Thursday, hitting $42.69. 1,301,325 shares of the company were exchanged, compared to its average volume of 1,524,151. The firm has a fifty day simple moving average of $41.55 and a 200 day simple moving average of $42.03. The company has a market capitalization of $9.73 billion, a PE ratio of 25.26, a price-to-earnings-growth ratio of 7.90 and a beta of 0.98. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17.

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

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio is presently 123.08%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CUBE. Evercore ISI increased their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Scotiabank raised their target price on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Truist Financial boosted their price objective on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $47.36.

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.