Charles Schwab Investment Management Inc. Raises Position in CubeSmart (NYSE:CUBE)

Charles Schwab Investment Management Inc. increased its position in CubeSmart (NYSE:CUBE - Free Report) by 1.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,183,271 shares of the real estate investment trust's stock after acquiring an additional 58,564 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.40% of CubeSmart worth $135,958,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CUBE. Allworth Financial LP grew its holdings in shares of CubeSmart by 115.2% during the first quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust's stock worth $37,000 after buying an additional 501 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of CubeSmart by 446.2% during the first quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock worth $76,000 after buying an additional 1,468 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of CubeSmart by 103.5% during the first quarter. UMB Bank n.a. now owns 1,917 shares of the real estate investment trust's stock worth $82,000 after buying an additional 975 shares in the last quarter. CWM LLC grew its holdings in shares of CubeSmart by 23.5% during the first quarter. CWM LLC now owns 1,950 shares of the real estate investment trust's stock worth $83,000 after buying an additional 371 shares in the last quarter. Finally, Capital A Wealth Management LLC purchased a new stake in shares of CubeSmart during the fourth quarter worth about $92,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Down 1.6%

CUBE opened at $38.85 on Monday. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06. The firm's fifty day moving average price is $41.97 and its two-hundred day moving average price is $41.53. The company has a market capitalization of $8.86 billion, a P/E ratio of 23.69, a P/E/G ratio of 7.13 and a beta of 0.94.

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

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend is Wednesday, October 1st. CubeSmart's payout ratio is currently 126.83%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CUBE shares. BNP Paribas Exane started coverage on shares of CubeSmart in a report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 price target for the company. Scotiabank boosted their target price on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Truist Financial boosted their target price on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Royal Bank Of Canada lowered their target price on shares of CubeSmart from $48.00 to $47.00 and set an "outperform" rating for the company in a report on Monday, August 4th. Finally, Wolfe Research began coverage on shares of CubeSmart in a report on Monday, May 19th. They issued an "outperform" rating and a $48.00 target price for the company. Ten research 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 an average rating of "Hold" and a consensus price target of $46.93.

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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