Davidson Investment Advisors Raises Stock Position in CubeSmart (NYSE:CUBE)

Davidson Investment Advisors raised its position in CubeSmart (NYSE:CUBE - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 350,627 shares of the real estate investment trust's stock after buying an additional 9,717 shares during the period. Davidson Investment Advisors owned about 0.15% of CubeSmart worth $14,975,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Proficio Capital Partners LLC purchased a new position in CubeSmart in the 4th quarter worth approximately $619,000. Jones Financial Companies Lllp lifted its stake in CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares in the last quarter. Arizona State Retirement System lifted its stake in CubeSmart by 0.9% in the 4th quarter. Arizona State Retirement System now owns 65,357 shares of the real estate investment trust's stock worth $2,801,000 after purchasing an additional 577 shares in the last quarter. Raymond James Financial Inc. purchased a new position in CubeSmart in the 4th quarter worth approximately $21,278,000. Finally, AlphaQuest LLC purchased a new position in CubeSmart in the 4th quarter worth approximately $1,616,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

NYSE CUBE traded up $0.15 during trading hours on Tuesday, hitting $42.72. 201,471 shares of the stock were exchanged, compared to its average volume of 1,552,496. The company has a market cap of $9.74 billion, a price-to-earnings ratio of 25.29, a price-to-earnings-growth ratio of 7.97 and a beta of 0.96. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The stock has a 50-day moving average of $42.54 and a 200 day moving average of $41.66. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. The company had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The firm'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. As a group, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.87%. The ex-dividend date is Tuesday, July 1st. CubeSmart's payout ratio is 123.08%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CUBE shares. Barclays reduced 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 raised shares of CubeSmart from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. BMO Capital Markets raised shares of 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 research report on Friday, June 20th. Truist Financial lifted their price target on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, Mizuho boosted their target price on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $47.38.

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.