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Allianz Asset Management GmbH Purchases 173,671 Shares of CubeSmart (NYSE:CUBE)

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Key Points

  • Allianz Asset Management GmbH significantly increased its holdings in CubeSmart by 139.8%, acquiring an additional 173,671 shares during the 1st quarter, bringing its total ownership to 297,941 shares worth $12.7 million.
  • Several hedge funds, including Bank of Montreal Can and Sumitomo Mitsui Trust Group Inc., also increased their stakes in CubeSmart, indicating strong institutional interest in the company.
  • CubeSmart announced a quarterly dividend of $0.52 per share, yielding 5.03%, although the dividend payout ratio is currently high at 123.08%.
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Allianz Asset Management GmbH grew its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 139.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 297,941 shares of the real estate investment trust's stock after acquiring an additional 173,671 shares during the quarter. Allianz Asset Management GmbH owned about 0.13% of CubeSmart worth $12,725,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its position 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 acquiring an additional 501 shares during the period. Huntington National Bank lifted its holdings in shares of CubeSmart by 307.0% in the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after buying an additional 915 shares during the period. Quantbot Technologies LP acquired a new stake in shares of CubeSmart in the fourth quarter valued at $58,000. Farther Finance Advisors LLC lifted its holdings 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 valued at $76,000 after buying an additional 1,468 shares during the period. Finally, UMB Bank n.a. lifted its holdings in shares of CubeSmart by 103.5% in the first quarter. UMB Bank n.a. now owns 1,917 shares of the real estate investment trust's stock valued at $82,000 after buying an additional 975 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CUBE. Wolfe Research started coverage on CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 target price for the company. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. Evercore ISI lifted their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. BMO Capital Markets raised CubeSmart from a "market perform" rating to an "outperform" rating and upped their price target for the company from $48.00 to $49.00 in a research report on Friday, June 20th. Finally, 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. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, CubeSmart presently has a consensus rating of "Hold" and a consensus price target of $47.20.

Read Our Latest Analysis on CUBE

CubeSmart Stock Down 0.3%

Shares of CUBE traded down $0.11 during trading hours on Friday, hitting $41.34. 1,227,949 shares of the company were exchanged, compared to its average volume of 1,665,810. The company has a market cap of $9.42 billion, a PE ratio of 24.46, a PEG ratio of 7.61 and a beta of 0.96. The firm's 50 day moving average is $42.41 and its 200-day moving average is $41.59. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.07 and a current ratio of 0.07.

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. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The firm's revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.64 EPS. On average, equities research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 5.03%. CubeSmart's payout ratio is 123.08%.

CubeSmart Profile

(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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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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