CubeSmart (NYSE:CUBE) Stock Holdings Boosted by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its position in CubeSmart (NYSE:CUBE - Free Report) by 140.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 808,440 shares of the real estate investment trust's stock after buying 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.

Several other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp raised its position in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 389 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 559 shares during the last quarter. Huntington National Bank grew its stake in shares of CubeSmart by 307.0% in the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 915 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of CubeSmart in the 4th quarter worth approximately $58,000. Finally, Farther Finance Advisors LLC lifted its stake in CubeSmart by 446.2% during the first 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. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Stock Up 1.0%

CubeSmart stock opened at $43.02 on Thursday. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.07 and a current ratio of 0.07. The firm has a market cap of $9.81 billion, a PE ratio of 25.46, a P/E/G ratio of 7.83 and a beta of 0.96. The firm's 50 day moving average price is $42.34 and its two-hundred day moving average price is $41.70.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million for 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 revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.64 earnings per share. On average, research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.83%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's payout ratio is presently 123.08%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CUBE shares. Evercore ISI upped their price target on CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. BNP Paribas Exane began coverage on CubeSmart in a research report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 target price on the stock. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a report on Thursday, March 6th. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Finally, Mizuho boosted their price objective on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $47.38.

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.

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