Bank of New York Mellon Corp Has $94.38 Million Stock Position in CubeSmart (NYSE:CUBE)

Bank of New York Mellon Corp cut its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 1.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,209,825 shares of the real estate investment trust's stock after selling 37,160 shares during the quarter. Bank of New York Mellon Corp owned 0.97% of CubeSmart worth $94,382,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in CubeSmart by 134.1% during the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares during the period. Huntington National Bank lifted its stake 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 purchasing an additional 915 shares during the period. Quantbot Technologies LP bought a new position in CubeSmart during the fourth quarter worth about $58,000. Farther Finance Advisors LLC lifted its stake in CubeSmart by 446.2% during the first quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock worth $76,000 after purchasing an additional 1,468 shares during the period. Finally, UMB Bank n.a. lifted its stake in CubeSmart by 103.5% during the first quarter. UMB Bank n.a. now owns 1,917 shares of the real estate investment trust's stock worth $82,000 after purchasing an additional 975 shares during the period. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Price Performance

Shares of CubeSmart stock traded up $0.01 during midday trading on Friday, reaching $42.31. The company had a trading volume of 2,258,087 shares, compared to its average volume of 1,568,979. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $9.64 billion, a price-to-earnings ratio of 25.04, a price-to-earnings-growth ratio of 7.78 and a beta of 0.96. The stock has a fifty day simple moving average of $42.67 and a 200 day simple moving average of $41.65. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. CubeSmart's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 earnings per share. As a group, equities research analysts forecast 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. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio is presently 123.08%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. 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. BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Truist Financial lifted their target price 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. Barclays cut their target price on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. Finally, BNP Paribas upgraded shares of CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $47.38.

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.