Corient Private Wealth LP Boosts Holdings in CubeSmart $CUBE

Key Points

• Corient Private Wealth increased its CubeSmart stake by 263% in the second quarter, adding 117,093 shares to own 161,619 shares valued at approximately $6.43 million. Institutional investors and hedge funds collectively own 97.61% of the stock.
• Analyst sentiment remains mixed but leans positive: Truist, Barclays, and RBC upgraded or maintained bullish ratings, while Mizuho cut its target. CubeSmart has a consensus “Hold” rating and an average price target of $43.45.
• CubeSmart shares opened at $39.51, while the company reported quarterly revenue of $286.49 million but missed earnings estimates. The REIT declared a $0.53 quarterly dividend, equivalent to a 5.4% yield, though its payout ratio stands at 146.21%.

Corient Private Wealth LP raised its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 263.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,619 shares of the real estate investment trust's stock after acquiring an additional 117,093 shares during the quarter. Corient Private Wealth LP owned approximately 0.07% of CubeSmart worth $6,428,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC raised its stake in shares of CubeSmart by 4.0% in the first quarter. Fifth Third Wealth Advisors LLC now owns 6,964 shares of the real estate investment trust's stock valued at $255,000 after acquiring an additional 269 shares in the last quarter. HighTower Advisors LLC grew its position in shares of CubeSmart by 0.5% during the second quarter. HighTower Advisors LLC now owns 59,947 shares of the real estate investment trust's stock worth $2,384,000 after buying an additional 281 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of CubeSmart by 12.5% during the first quarter. Fifth Third Bancorp now owns 2,608 shares of the real estate investment trust's stock worth $96,000 after buying an additional 289 shares during the period. Rockefeller Capital Management L.P. raised its holdings in CubeSmart by 15.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,204 shares of the real estate investment trust's stock valued at $79,000 after acquiring an additional 295 shares in the last quarter. Finally, Brown Financial Advisors lifted its stake in CubeSmart by 5.4% in the second quarter. Brown Financial Advisors now owns 6,516 shares of the real estate investment trust's stock worth $259,000 after acquiring an additional 336 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Truist Financial boosted their target price on shares of CubeSmart from $41.00 to $43.00 and gave the stock a "buy" rating in a research note on Wednesday, June 17th. Barclays raised CubeSmart from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $45.00 to $46.00 in a research report on Friday, July 10th. Royal Bank Of Canada reissued an "outperform" rating and set a $47.00 target price on shares of CubeSmart in a research report on Tuesday, August 4th. Evercore set a $47.00 target price on CubeSmart in a research note on Monday, July 6th. Finally, Mizuho lowered their price target on CubeSmart from $42.00 to $41.00 and set a "neutral" rating for the company in a report on Wednesday, September 2nd. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $43.45.

CubeSmart Stock Down 1.7%

Shares of NYSE CUBE opened at $39.51 on Friday. The stock has a fifty day moving average price of $40.80 and a 200 day moving average price of $39.97. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.34. CubeSmart has a 12-month low of $35.09 and a 12-month high of $43.26. The company has a market cap of $8.89 billion, a P/E ratio of 27.24, a P/E/G ratio of 6.61 and a beta of 1.05.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The real estate investment trust reported $0.39 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.25). CubeSmart had a net margin of 29.41% and a return on equity of 12.35%. The business had revenue of $286.49 million during the quarter, compared to analyst estimates of $281.12 million. During the same period last year, the firm posted $0.65 earnings per share. The company's quarterly revenue was up 1.5% on a year-over-year basis. Research analysts anticipate that CubeSmart will post 2.57 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, October 1st. This represents a $2.12 annualized dividend and a dividend yield of 5.4%. CubeSmart's payout ratio is currently 146.21%.

CubeSmart Company Profile

CubeSmart NYSE: CUBE is a self-administered and self-managed real estate investment trust that owns, operates and develops self-storage facilities in the United States. Its facilities provide individuals and businesses with storage units in a range of sizes, along with related services such as tenant insurance and online rental and payment options.

In addition to managing its owned properties, CubeSmart provides third-party management services for self-storage facilities owned by other parties.

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