JPMorgan Chase & Co. Increases Stake in CubeSmart (NYSE:CUBE)

Key Points

• JPMorgan Chase & Co. has increased its shares in CubeSmart by 29.3% during Q1, now owning 5,561,206 shares valued at approximately $237.5 million.
• Various hedge funds have significantly enhanced their positions in CubeSmart, with increases up to 446.2% reported by Farther Finance Advisors LLC.
• A quarterly dividend of $0.52 per share will be distributed on October 15th, yielding about 5.3%, despite a high dividend payout ratio of 126.83%.

JPMorgan Chase & Co. increased its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 29.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,561,206 shares of the real estate investment trust's stock after purchasing an additional 1,261,746 shares during the period. JPMorgan Chase & Co. owned approximately 2.44% of CubeSmart worth $237,519,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Townsquare Capital LLC increased its holdings in CubeSmart by 46.3% during the first quarter. Townsquare Capital LLC now owns 9,914 shares of the real estate investment trust's stock valued at $423,000 after buying an additional 3,137 shares during the last quarter. Citigroup Inc. increased its holdings in CubeSmart by 55.8% during the first quarter. Citigroup Inc. now owns 151,851 shares of the real estate investment trust's stock valued at $6,486,000 after buying an additional 54,358 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in CubeSmart by 5.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,534 shares of the real estate investment trust's stock valued at $6,728,000 after buying an additional 7,855 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in CubeSmart during the first quarter valued at approximately $1,865,000. Finally, Deutsche Bank AG increased its holdings in CubeSmart by 6.5% during the first quarter. Deutsche Bank AG now owns 2,916,867 shares of the real estate investment trust's stock valued at $124,579,000 after buying an additional 177,801 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Price Performance

Shares of NYSE:CUBE traded up $0.27 during midday trading on Friday, reaching $39.55. 1,559,610 shares of the company were exchanged, compared to its average volume of 1,886,464. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18. The business's fifty day moving average is $41.60 and its two-hundred day moving average is $41.44. CubeSmart has a one year low of $34.24 and a one year high of $55.14. The stock has a market cap of $9.02 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 8.74 and a beta of 0.94.

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

CubeSmart Announces Dividend

The business also recently announced 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 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 is currently 126.83%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Scotiabank upped their target price on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. BNP Paribas raised shares of CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Wolfe Research assumed coverage on shares of CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 target price for the company. Truist Financial upped their target price on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Finally, BNP Paribas Exane initiated coverage on shares of CubeSmart in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $46.00 price target for the company. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $46.93.

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.