Bridges Investment Management Inc. Raises Stock Holdings in CubeSmart (NYSE:CUBE)

Bridges Investment Management Inc. boosted its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 111.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,966 shares of the real estate investment trust's stock after buying an additional 15,786 shares during the quarter. Bridges Investment Management Inc.'s holdings in CubeSmart were worth $1,280,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Bessemer Group Inc. lifted its holdings in CubeSmart by 7.4% during the first quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust's stock valued at $158,000 after purchasing an additional 255 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of CubeSmart by 0.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock valued at $2,280,000 after purchasing an additional 306 shares during the period. Magnetar Financial LLC raised its position in shares of CubeSmart by 2.3% in the fourth quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock valued at $606,000 after purchasing an additional 320 shares during the period. Mariner LLC lifted its stake in shares of CubeSmart by 2.5% during the 4th quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock valued at $585,000 after buying an additional 328 shares in the last quarter. Finally, Orion Portfolio Solutions LLC boosted its holdings in CubeSmart by 0.7% in 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 buying an additional 370 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Trading Up 0.0%

CUBE traded up $0.01 on Friday, hitting $42.31. 2,258,087 shares of the company were exchanged, compared to its average volume of 1,568,979. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.07 and a current ratio of 0.07. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The firm has a fifty day simple moving average of $42.67 and a two-hundred day simple moving average of $41.64. The stock has a market capitalization of $9.64 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 7.78 and a beta of 0.96.

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

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.92%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.

Wall Street Analyst Weigh In

Several research firms have issued reports on CUBE. Bank of America upgraded CubeSmart from a "neutral" rating to a "buy" rating and increased their target price for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. Wolfe Research began coverage on shares of CubeSmart in a report on Monday, May 19th. They issued an "outperform" rating and a $48.00 price target on the stock. Truist Financial boosted 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. BNP Paribas Exane began coverage on shares of CubeSmart in a report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 target price on the stock. Finally, BNP Paribas upgraded shares of CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $47.38.

CubeSmart Company 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.