B&I Capital AG Sells 58,350 Shares of CubeSmart (NYSE:CUBE)

B&I Capital AG lessened its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 17.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 284,040 shares of the real estate investment trust's stock after selling 58,350 shares during the quarter. CubeSmart comprises about 3.9% of B&I Capital AG's investment portfolio, making the stock its 6th biggest holding. B&I Capital AG owned 0.12% of CubeSmart worth $12,131,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CUBE. Bessemer Group Inc. grew its position in CubeSmart by 7.4% during the 1st quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust's stock worth $158,000 after purchasing an additional 255 shares in the last quarter. Thrivent Financial for Lutherans grew its position in CubeSmart by 0.6% during 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 purchasing an additional 306 shares in the last quarter. Cerity Partners LLC grew its position in CubeSmart by 6.2% during the 1st quarter. Cerity Partners LLC now owns 5,375 shares of the real estate investment trust's stock worth $230,000 after purchasing an additional 316 shares in the last quarter. Mariner LLC grew its position in CubeSmart by 2.5% during the 4th quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock worth $585,000 after purchasing an additional 328 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its position in CubeSmart by 0.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 50,534 shares of the real estate investment trust's stock worth $2,165,000 after purchasing an additional 370 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. BNP Paribas raised CubeSmart to a "hold" rating in a research report on Tuesday, June 24th. Truist Financial lifted their price objective 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. Mizuho lifted their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Finally, BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, CubeSmart has a consensus rating of "Hold" and a consensus price target of $47.38.

CubeSmart Trading Up 1.2%

NYSE CUBE traded up $0.49 during trading hours on Tuesday, hitting $41.49. The company's stock had a trading volume of 398,205 shares, compared to its average volume of 1,576,519. The stock has a fifty day moving average of $42.56 and a 200 day moving average of $41.60. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The firm has a market capitalization of $9.46 billion, a P/E ratio of 24.52, a PEG ratio of 7.55 and a beta of 0.96. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results 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 company had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. During the same period last year, the business posted $0.64 earnings per share. The business's revenue for the quarter was up 4.4% compared to the same quarter last year. Equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date of this dividend was Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

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.

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