CX Institutional Takes $3.26 Million Position in CubeSmart (NYSE:CUBE)

CX Institutional acquired a new stake in CubeSmart (NYSE:CUBE - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 76,402 shares of the real estate investment trust's stock, valued at approximately $3,263,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CUBE. Pallas Capital Advisors LLC increased its stake in shares of CubeSmart by 23.6% during the 1st quarter. Pallas Capital Advisors LLC now owns 48,329 shares of the real estate investment trust's stock worth $2,064,000 after purchasing an additional 9,222 shares during the last quarter. Farther Finance Advisors LLC grew 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 buying an additional 1,468 shares during the last quarter. UMB Bank n.a. grew 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 buying an additional 975 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in CubeSmart by 28.3% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 31,999 shares of the real estate investment trust's stock valued at $1,367,000 after buying an additional 7,059 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in CubeSmart by 0.4% in the 1st quarter. Rhumbline Advisers now owns 729,584 shares of the real estate investment trust's stock valued at $31,160,000 after buying an additional 3,140 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Truist Financial upped their price target on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Wolfe Research assumed coverage on shares of CubeSmart in a report on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective for the company. Evercore ISI boosted their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Scotiabank boosted their price objective 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. Finally, Barclays cut their price objective on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $47.36.

CubeSmart Price Performance

NYSE:CUBE traded down $0.39 during mid-day trading on Friday, hitting $42.97. 1,241,151 shares of the stock traded hands, compared to its average volume of 1,522,754. The business's 50-day moving average price is $41.22 and its 200 day moving average price is $42.07. The company has a market cap of $9.80 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 11.58 and a beta of 0.98. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data 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. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. During the same period in the previous year, the business posted $0.64 EPS. The business's quarterly revenue was up 4.4% on a year-over-year basis. On average, analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a $0.52 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.84%. CubeSmart's dividend payout ratio is presently 123.08%.

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.