CubeSmart (NYSE:CUBE) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 1.5% during the 1st quarter, according to its most recent 13F filing with the 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 hedge funds and other institutional investors have also made changes to their positions in the company. Blue Trust Inc. raised its position in shares of CubeSmart by 74.9% during 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 raised its position in shares of CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 389 shares in the last quarter. SRS Capital Advisors Inc. increased its position in CubeSmart by 310.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after buying an additional 559 shares during the period. Huntington National Bank increased its position 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 worth $52,000 after buying an additional 915 shares during the period. Finally, Quantbot Technologies LP acquired a new position in CubeSmart during the fourth quarter worth approximately $58,000. Institutional investors and hedge funds own 97.61% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on CUBE. Mizuho lifted their price target on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Wolfe Research began coverage on CubeSmart in a research report on Monday, May 19th. They set an "outperform" rating and a $48.00 price target on the stock. Barclays cut their price target on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. BNP Paribas Exane began coverage on CubeSmart in a research report on Tuesday. They set a "neutral" rating and a $46.00 price target on the stock. Finally, 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 research report on Monday, March 3rd. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, CubeSmart has an average rating of "Hold" and an average price target of $47.38.

CubeSmart Trading Up 0.2%

NYSE:CUBE opened at $42.35 on Friday. The firm has a market cap of $9.65 billion, a P/E ratio of 25.06, a PEG ratio of 7.77 and a beta of 0.98. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. The stock's 50 day simple moving average is $42.13 and its 200-day simple moving average is $41.78. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last released its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The company's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. Equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio is presently 123.08%.

About CubeSmart

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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