CubeSmart (NYSE:CUBE) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lessened its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 0.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,401,242 shares of the real estate investment trust's stock after selling 105,869 shares during the quarter. Vanguard Group Inc. owned approximately 13.78% of CubeSmart worth $1,341,147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Allworth Financial LP raised its stake in CubeSmart by 115.2% in the 1st quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 501 shares during the last quarter. Farther Finance Advisors LLC raised its stake in CubeSmart by 446.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock valued at $76,000 after purchasing an additional 1,468 shares during the last quarter. UMB Bank n.a. raised its stake in CubeSmart by 103.5% in the 1st quarter. UMB Bank n.a. now owns 1,917 shares of the real estate investment trust's stock valued at $82,000 after purchasing an additional 975 shares during the last quarter. CWM LLC raised its stake in CubeSmart by 23.5% in the 1st quarter. CWM LLC now owns 1,950 shares of the real estate investment trust's stock valued at $83,000 after purchasing an additional 371 shares during the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in CubeSmart in the 4th quarter valued at about $92,000. Institutional investors and hedge funds own 97.61% of the company's stock.

Analysts Set New Price Targets

CUBE has been the subject of several analyst reports. BNP Paribas raised shares of CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Truist Financial lifted their price target on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Barclays lowered their price target on CubeSmart from $48.00 to $45.00 and set an "equal weight" rating for the company in a report on Friday. Scotiabank lifted their price target on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Finally, BMO Capital Markets upgraded CubeSmart from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $48.00 to $49.00 in a report on Friday, June 20th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $46.93.

CubeSmart Stock Down 1.6%

Shares of NYSE:CUBE opened at $38.85 on Monday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.06 and a current ratio of 0.06. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The stock has a market capitalization of $8.86 billion, a P/E ratio of 23.69, a PEG ratio of 7.13 and a beta of 0.94. The stock has a 50-day simple moving average of $41.97 and a 200-day simple moving average of $41.53.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly 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. The firm had revenue of $282.30 million during the quarter, compared to analysts' expectations of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. CubeSmart's quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 EPS. Equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Wednesday, October 1st. CubeSmart's dividend payout ratio is currently 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.

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