Allspring Global Investments Holdings LLC boosted its stake in CubeSmart (NYSE:CUBE - Free Report) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,065,101 shares of the real estate investment trust's stock after acquiring an additional 72,513 shares during the period. Allspring Global Investments Holdings LLC owned 2.21% of CubeSmart worth $212,886,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 289 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in CubeSmart by 134.1% during the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 559 shares during the period. Huntington National Bank increased its stake in CubeSmart by 307.0% during the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after purchasing an additional 915 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of CubeSmart during the fourth quarter worth $58,000. 97.61% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on CUBE shares. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. Barclays decreased their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. Wolfe Research began coverage on CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 target price for the company. Royal Bank Of Canada cut their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Finally, Scotiabank boosted their price objective on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $47.38.
Check Out Our Latest Stock Analysis on CUBE
CubeSmart Price Performance
Shares of CUBE traded up $0.63 during mid-day trading on Tuesday, hitting $42.61. The company's stock had a trading volume of 1,740,167 shares, compared to its average volume of 1,546,855. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07. The firm has a 50-day moving average price of $42.21 and a 200 day moving average price of $41.69. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 7.79 and a beta of 0.98.
CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.02. The firm had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The firm's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. On average, research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.
CubeSmart Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.88%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio is 123.08%.
CubeSmart Company Profile
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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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