Bank of America Corp DE Purchases New Shares in CubeSmart $CUBE

Key Points

• Bank of America purchased 1.16 million CubeSmart shares during the second quarter, valued at approximately $46.1 million and representing a 0.51% stake. Institutional investors and hedge funds collectively own 97.61% of the REIT.
• Analyst sentiment remains mixed, with six Buy ratings and eight Holds; the average rating is Hold with a $43.36 price target. CubeSmart recently reported $0.39 in quarterly EPS, below the $0.64 consensus, despite revenue exceeding estimates.
• CubeSmart declared a quarterly dividend of $0.53 per share, equivalent to $2.12 annually and a 5.3% yield; the dividend’s payout ratio is currently elevated at 146.21%.

Bank of America Corp DE purchased a new position in shares of CubeSmart (NYSE:CUBE - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,158,501 shares of the real estate investment trust's stock, valued at approximately $46,074,000. Bank of America Corp DE owned 0.51% of CubeSmart as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of CUBE. Essential Partners LLC raised its position in shares of CubeSmart by 594.7% in the first quarter. Essential Partners LLC now owns 910 shares of the real estate investment trust's stock valued at $33,000 after buying an additional 779 shares in the last quarter. SJS Investment Consulting Inc. bought a new stake in shares of CubeSmart during the 1st quarter valued at $42,000. Caitong International Asset Management Co. Ltd lifted its position in shares of CubeSmart by 252.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,306 shares of the real estate investment trust's stock valued at $47,000 after acquiring an additional 935 shares during the period. Elevation Wealth Partners LLC grew its holdings in shares of CubeSmart by 38.1% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,417 shares of the real estate investment trust's stock worth $56,000 after purchasing an additional 391 shares in the last quarter. Finally, Ascentis Independent Advisors acquired a new stake in shares of CubeSmart during the 1st quarter worth $60,000. Institutional investors and hedge funds own 97.61% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CUBE shares. Mizuho reduced their price objective on shares of CubeSmart from $42.00 to $41.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 2nd. Evercore set a $46.00 target price on shares of CubeSmart in a research report on Monday. Raymond James Financial assumed coverage on CubeSmart in a research note on Wednesday, July 15th. They issued an "outperform" rating and a $44.00 price target on the stock. UBS Group boosted their target price on CubeSmart from $41.00 to $43.00 and gave the stock a "neutral" rating in a research note on Friday, July 10th. Finally, Barclays raised shares of CubeSmart from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $45.00 to $46.00 in a report on Friday, July 10th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $43.36.

CubeSmart Stock Performance

CubeSmart stock opened at $39.87 on Tuesday. The business has a 50 day moving average of $40.78 and a 200-day moving average of $39.95. The company has a market capitalization of $8.98 billion, a P/E ratio of 27.50, a P/E/G ratio of 6.51 and a beta of 1.05. CubeSmart has a 1 year low of $35.09 and a 1 year high of $43.26. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.07 and a quick ratio of 0.07.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Friday, July 31st. The real estate investment trust reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.25). The business had revenue of $286.49 million for the quarter, compared to the consensus estimate of $281.12 million. CubeSmart had a return on equity of 12.35% and a net margin of 29.41%.The company's revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.65 earnings per share. On average, equities research analysts predict that CubeSmart will post 2.57 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Thursday, October 1st. CubeSmart's payout ratio is currently 146.21%.

CubeSmart Profile

CubeSmart NYSE: CUBE is a self-administered and self-managed real estate investment trust that owns, operates and develops self-storage facilities in the United States. Its facilities provide individuals and businesses with storage units in a range of sizes, along with related services such as tenant insurance and online rental and payment options.

In addition to managing its owned properties, CubeSmart provides third-party management services for self-storage facilities owned by other parties.

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