Nisa Investment Advisors LLC Has $2.85 Million Stock Holdings in CubeSmart (NYSE:CUBE)

Nisa Investment Advisors LLC lessened its holdings in CubeSmart (NYSE:CUBE - Free Report) by 12.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,610 shares of the real estate investment trust's stock after selling 9,206 shares during the period. Nisa Investment Advisors LLC's holdings in CubeSmart were worth $2,845,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of Montreal Can increased its position in 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 last quarter. Norges Bank purchased a new position in shares of CubeSmart in the fourth quarter valued at $408,064,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of CubeSmart by 140.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust's stock valued at $34,528,000 after purchasing an additional 472,596 shares during the period. Raymond James Financial Inc. acquired a new position in CubeSmart during the 4th quarter worth $21,278,000. Finally, Janney Montgomery Scott LLC acquired a new position in CubeSmart during the 1st quarter worth $821,000. Hedge funds and other institutional investors own 97.61% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CUBE shares. Truist Financial raised their price target on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Barclays dropped their price target on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $48.00 to $49.00 in a report on Friday, June 20th. Finally, Scotiabank boosted their price target 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. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $47.38.

CubeSmart Stock Up 0.0%

CUBE stock traded up $0.01 during trading hours on Friday, hitting $42.31. The company's stock had a trading volume of 2,258,087 shares, compared to its average volume of 1,568,979. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17. The stock has a 50 day moving average price of $42.67 and a two-hundred day moving average price of $41.65. The company has a market capitalization of $9.64 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 7.78 and a beta of 0.96. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. CubeSmart's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 EPS. On average, equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio is 123.08%.

CubeSmart Company 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.