Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 140.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 808,440 shares of the real estate investment trust's stock after acquiring an additional 472,596 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.35% of CubeSmart worth $34,528,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of CubeSmart in the 4th quarter worth approximately $408,064,000. Capital World Investors raised its stake in CubeSmart by 184.5% during the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock valued at $126,161,000 after buying an additional 1,909,496 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in CubeSmart by 219.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock valued at $110,323,000 after buying an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in CubeSmart by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock worth $288,259,000 after acquiring an additional 1,464,331 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of CubeSmart by 46.6% in the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock worth $161,067,000 after acquiring an additional 1,195,246 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.
CubeSmart Stock Performance
CubeSmart stock traded up $0.49 during mid-day trading on Friday, reaching $43.51. 909,663 shares of the stock traded hands, compared to its average volume of 1,558,969. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The business's 50-day moving average is $42.49 and its 200-day moving average is $41.66. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07. The stock has a market capitalization of $9.92 billion, a PE ratio of 25.75, a price-to-earnings-growth ratio of 7.97 and a beta of 0.96.
CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly 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. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The business had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same period in the previous year, the company posted $0.64 EPS. The business's quarterly revenue was up 4.4% compared to the same quarter last year. As a group, sell-side analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.
CubeSmart Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.78%. CubeSmart's payout ratio is presently 123.08%.
Analyst Ratings Changes
Several research firms have recently issued reports 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. Evercore ISI lifted their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Wolfe Research started coverage on shares of CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 price target on the stock. Scotiabank raised their price target on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Finally, BNP Paribas upgraded shares of CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $47.38.
Read Our Latest Stock Analysis on CubeSmart
About CubeSmart
(
Free Report)
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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