Citigroup Inc. Raises Stock Holdings in CubeSmart $CUBE

Key Points

• Citigroup Inc. increased its stake in CubeSmart by 55.8% in Q1, owning 151,851 shares valued at over $6.4 million after purchasing an additional 54,358 shares.
• CubeSmart reported a quarterly EPS of $0.65, higher than the expected $0.63, with revenue rising by 6.0% year-over-year to $282.3 million.
• The company's upcoming quarterly dividend of $0.52 per share has a yield of 5.3%, with a current dividend payout ratio of 126.83%.

Citigroup Inc. grew its holdings in CubeSmart (NYSE:CUBE - Free Report) by 55.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,851 shares of the real estate investment trust's stock after buying an additional 54,358 shares during the quarter. Citigroup Inc. owned 0.07% of CubeSmart worth $6,486,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Allworth Financial LP increased its stake in CubeSmart by 115.2% during the 1st 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 boosted its stake in shares of CubeSmart by 446.2% in the first quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock worth $76,000 after acquiring an additional 1,468 shares during the last quarter. UMB Bank n.a. increased its position 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 purchasing an additional 975 shares in the last quarter. CWM LLC lifted its holdings in CubeSmart by 23.5% in the 1st quarter. CWM LLC now owns 1,950 shares of the real estate investment trust's stock valued at $83,000 after purchasing an additional 371 shares in the last quarter. Finally, Capital A Wealth Management LLC purchased a new position in CubeSmart in the 4th quarter valued at $92,000. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Stock Performance

Shares of CubeSmart stock opened at $39.55 on Monday. The firm has a market cap of $9.02 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 8.79 and a beta of 0.94. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The business's fifty day simple moving average is $41.60 and its 200-day simple moving average is $41.43.

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

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.3%. CubeSmart's dividend payout ratio (DPR) is presently 126.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CUBE shares. Royal Bank Of Canada dropped 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. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and upped their price objective for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Scotiabank raised their target price on shares of CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Truist Financial upped their price target on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, Wolfe Research assumed coverage on CubeSmart in a report on Monday, May 19th. They issued an "outperform" rating and a $48.00 price target for the company. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, CubeSmart currently has a consensus rating of "Hold" and an average 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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