Mitsubishi UFJ Asset Management Co. Ltd. Acquires 7,855 Shares of CubeSmart (NYSE:CUBE)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in CubeSmart by 5.2%, owning 157,534 shares after acquiring an additional 7,855 shares, valued at approximately $6.73 million.
• CubeSmart recently reported a EPS of $0.65 for the last quarter, exceeding analysts' expectations, with revenue reaching $282.3 million, up by 6.0% year-over-year.
• The company announced a quarterly dividend of $0.52 per share, resulting in an annualized dividend yield of 5.4%, with a current payout ratio of 126.83%.

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 5.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 157,534 shares of the real estate investment trust's stock after buying an additional 7,855 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.07% of CubeSmart worth $6,728,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can raised its position in shares of CubeSmart by 19.7% during the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock worth $3,021,000 after purchasing an additional 11,608 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in shares of CubeSmart by 140.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust's stock worth $34,528,000 after purchasing an additional 472,596 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of CubeSmart during the first quarter worth about $821,000. Allspring Global Investments Holdings LLC lifted its stake in CubeSmart by 1.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock valued at $212,886,000 after acquiring an additional 72,513 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of CubeSmart by 4,739.3% during the 1st quarter. GAMMA Investing LLC now owns 93,108 shares of the real estate investment trust's stock worth $3,977,000 after purchasing an additional 91,184 shares during the last quarter. Institutional investors own 97.61% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CUBE. Royal Bank Of Canada reduced their target price on CubeSmart from $48.00 to $47.00 and set an "outperform" rating for the company in a research note on Monday, August 4th. Scotiabank upped their price target on shares of CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a report on Monday, May 12th. Wolfe Research started coverage on CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 price target for the company. Evercore ISI lowered their price target on CubeSmart from $48.00 to $47.00 and set an "in-line" rating for the company in a report on Monday, August 4th. Finally, Mizuho boosted their price target on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $46.93.

CubeSmart Stock Up 1.0%

NYSE:CUBE traded up $0.38 on Friday, hitting $39.66. The stock had a trading volume of 496,125 shares, compared to its average volume of 1,795,370. The business's fifty day moving average is $41.68 and its 200 day moving average is $41.45. The company has a market cap of $9.04 billion, a PE ratio of 24.20, a P/E/G ratio of 8.80 and a beta of 0.94. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14.

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

CubeSmart Announces Dividend

The firm also recently declared 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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Wednesday, October 1st. CubeSmart's dividend payout ratio (DPR) is presently 126.83%.

CubeSmart Profile

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.