Bridges Investment Management Inc. raised its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 111.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,966 shares of the real estate investment trust's stock after purchasing an additional 15,786 shares during the period. Bridges Investment Management Inc.'s holdings in CubeSmart were worth $1,280,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently made changes to their positions in the company. NTV Asset Management LLC bought a new stake in CubeSmart in the first quarter worth about $1,495,000. Davidson Investment Advisors lifted its stake in CubeSmart by 2.9% in the first quarter. Davidson Investment Advisors now owns 350,627 shares of the real estate investment trust's stock worth $14,975,000 after purchasing an additional 9,717 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in CubeSmart by 29.1% in the first quarter. TD Private Client Wealth LLC now owns 2,544 shares of the real estate investment trust's stock worth $109,000 after purchasing an additional 573 shares during the last quarter. Lightrock Netherlands B.V. lifted its stake in CubeSmart by 42.8% in the first quarter. Lightrock Netherlands B.V. now owns 199,076 shares of the real estate investment trust's stock worth $8,517,000 after purchasing an additional 59,669 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in CubeSmart by 0.4% in the first quarter. Principal Financial Group Inc. now owns 520,192 shares of the real estate investment trust's stock worth $22,217,000 after purchasing an additional 1,833 shares during the last quarter. Institutional investors own 97.61% of the company's stock.
CubeSmart Stock Down 0.3%
NYSE CUBE traded down $0.13 on Thursday, hitting $42.33. The stock had a trading volume of 1,541,765 shares, compared to its average volume of 1,567,059. The business's fifty day moving average price is $42.65 and its 200 day moving average price is $41.67. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The stock has a market cap of $9.65 billion, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 7.83 and a beta of 0.96.
CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $268.16 million. During the same period in the previous year, the company earned $0.64 earnings per share. The business's revenue for the quarter was up 4.4% on a year-over-year basis. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.91%. CubeSmart's payout ratio is currently 123.08%.
Analyst Ratings Changes
Several analysts have issued reports on the stock. BNP Paribas Exane assumed coverage on shares of CubeSmart in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $46.00 price objective for the company. Wolfe Research began coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective for the company. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Truist Financial boosted their price target on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Finally, Scotiabank raised their price objective on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a report on Monday, May 12th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $47.38.
Check Out Our Latest Report on CubeSmart
About CubeSmart
(
Free Report)
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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