CubeSmart (NYSE:CUBE) Shares Sold by B&I Capital AG

B&I Capital AG lowered its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 17.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 284,040 shares of the real estate investment trust's stock after selling 58,350 shares during the period. CubeSmart accounts for about 3.9% of B&I Capital AG's investment portfolio, making the stock its 6th biggest holding. B&I Capital AG owned approximately 0.12% of CubeSmart worth $12,131,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank acquired a new position in shares of CubeSmart during the fourth quarter valued at about $408,064,000. Capital World Investors increased its position in shares of CubeSmart by 184.5% in the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock valued at $126,161,000 after acquiring an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. raised its stake in CubeSmart by 219.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock worth $110,323,000 after acquiring an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in CubeSmart by 27.8% during the 4th 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 last quarter. Finally, Northern Trust Corp increased its holdings in shares of CubeSmart by 46.6% in the fourth 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 period. Institutional investors own 97.61% of the company's stock.

CubeSmart Price Performance

Shares of CUBE traded up $0.03 during trading hours on Friday, hitting $41.48. 500,202 shares of the stock were exchanged, compared to its average volume of 1,779,824. The stock's 50-day moving average price is $42.46 and its two-hundred day moving average price is $41.59. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.07 and a current ratio of 0.07. The company has a market cap of $9.46 billion, a price-to-earnings ratio of 24.54, a price-to-earnings-growth ratio of 7.63 and a beta of 0.96.

CubeSmart (NYSE:CUBE - Get Free Report) last released its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping 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%. The company's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share. Research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.01%. The ex-dividend date was Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CUBE. Mizuho lifted their target price on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Evercore ISI increased their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. BMO Capital Markets raised CubeSmart from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $48.00 to $49.00 in a research report on Friday, June 20th. Barclays decreased their price objective on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Finally, Bank of America upgraded CubeSmart from a "neutral" rating to a "buy" rating and upped their target price for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $47.20.

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.