Centersquare Investment Management LLC Purchases 527,330 Shares of CubeSmart (NYSE:CUBE)

Key Points

• Centersquare Investment Management LLC increased its stake in CubeSmart (NYSE:CUBE) by 27.6%, now owning a total of 2,437,703 shares valued at approximately $104 million.
• Analysts have set a consensus price target of $47.13 for CubeSmart, with ratings ranging from buy to hold from various research firms.
• CubeSmart announced a quarterly dividend of $0.52 per share, with an annualized yield of 5.2%, to be paid on October 15th.

Centersquare Investment Management LLC raised its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 27.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,437,703 shares of the real estate investment trust's stock after purchasing an additional 527,330 shares during the period. Centersquare Investment Management LLC owned about 1.07% of CubeSmart worth $104,114,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. LPL Financial LLC increased its holdings in shares of CubeSmart by 19.2% in the 4th quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock valued at $4,654,000 after acquiring an additional 17,518 shares during the period. National Bank of Canada FI purchased a new position in shares of CubeSmart in the 4th quarter valued at $1,200,000. Huntington National Bank increased its holdings in shares of CubeSmart by 307.0% in the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after acquiring an additional 915 shares during the period. Prudential PLC increased its holdings in shares of CubeSmart by 85.7% in the 4th quarter. Prudential PLC now owns 23,737 shares of the real estate investment trust's stock valued at $1,017,000 after acquiring an additional 10,954 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of CubeSmart by 2.5% in the 4th quarter. Wells Fargo & Company MN now owns 192,080 shares of the real estate investment trust's stock valued at $8,231,000 after acquiring an additional 4,659 shares during the period. 97.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CUBE shares. Wolfe Research started coverage on 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 target price on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Royal Bank Of Canada dropped their target price on CubeSmart from $48.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday. Scotiabank boosted their target price on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Finally, Mizuho boosted their target price on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, CubeSmart has a consensus rating of "Hold" and a consensus price target of $47.13.

CubeSmart Stock Performance

Shares of CUBE opened at $39.65 on Wednesday. The stock has a 50-day moving average of $42.17 and a two-hundred day moving average of $41.57. CubeSmart has a one year low of $34.24 and a one year high of $55.14. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.07 and a current ratio of 0.06. The stock has a market cap of $9.04 billion, a P/E ratio of 24.17, a P/E/G ratio of 7.30 and a beta of 0.94.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The company had revenue of $282.30 million during the quarter, compared to analysts' expectations of $275.71 million. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm's revenue was up 6.0% compared to the same quarter last year. As a group, research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Wednesday, October 1st. CubeSmart's payout ratio is 126.83%.

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.

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