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

Bank of New York Mellon Corp lowered its position in CubeSmart (NYSE:CUBE - Free Report) by 1.7% in the first quarter, according to the company in its most recent 13F filing 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 period. Bank of New York Mellon Corp owned about 0.97% of CubeSmart worth $94,382,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in 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 worth $1,350,080,000 after buying an additional 85,609 shares during the period. Norges Bank bought a new stake in CubeSmart in the 4th quarter valued at $408,064,000. T. Rowe Price Investment Management Inc. boosted its stake in CubeSmart by 27.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock worth $288,259,000 after purchasing an additional 1,464,331 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in CubeSmart by 1.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock worth $212,886,000 after purchasing an additional 72,513 shares in the last quarter. Finally, JPMorgan Chase & Co. raised 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 period. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Stock Performance

CUBE stock traded down $0.13 during trading hours on Thursday, hitting $42.33. 1,541,765 shares of the stock were exchanged, compared to its average volume of 1,563,983. CubeSmart has a 12 month low of $34.24 and a 12 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. The firm has a market capitalization of $9.65 billion, a P/E ratio of 25.05, a P/E/G ratio of 7.83 and a beta of 0.96. The company has a 50-day simple moving average of $42.65 and a two-hundred day simple moving average of $41.67.

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

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.91%. CubeSmart's payout ratio is 123.08%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Barclays dropped their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. Evercore ISI raised their target price on shares of CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a research report on Friday, May 2nd. Mizuho boosted their price target on shares of CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Finally, Truist Financial upped their target price on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $47.38.

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.