Diamond Hill Capital Management Inc. Has $81.71 Million Stake in CubeSmart (NYSE:CUBE)

Diamond Hill Capital Management Inc. trimmed its position in CubeSmart (NYSE:CUBE - Free Report) by 9.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,913,185 shares of the real estate investment trust's stock after selling 201,408 shares during the quarter. Diamond Hill Capital Management Inc. owned 0.84% of CubeSmart worth $81,712,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CUBE. Bank of Montreal Can raised its holdings in shares of CubeSmart by 19.7% in the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock worth $3,021,000 after buying an additional 11,608 shares in the last quarter. Norges Bank bought a new stake in CubeSmart in the fourth quarter valued at $408,064,000. Sumitomo Mitsui Trust Group Inc. raised its stake in CubeSmart by 140.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust's stock worth $34,528,000 after acquiring an additional 472,596 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of CubeSmart during the first quarter valued at $821,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of CubeSmart by 1.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock valued at $212,886,000 after acquiring an additional 72,513 shares during the period. 97.61% of the stock is owned by institutional investors.

CubeSmart Trading Down 0.1%

NYSE:CUBE traded down $0.05 during mid-day trading on Thursday, hitting $41.47. The company had a trading volume of 1,664,363 shares, compared to its average volume of 1,660,137. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week 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 $9.45 billion, a P/E ratio of 24.54, a P/E/G ratio of 7.63 and a beta of 0.96. The business's fifty day moving average is $42.46 and its two-hundred day moving average is $41.59.

CubeSmart (NYSE:CUBE - Get Free Report) last announced 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. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The company had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. During the same period last year, the firm posted $0.64 earnings per share. The business's quarterly revenue was up 4.4% compared to the same quarter last year. As a group, research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date was Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CUBE shares. Mizuho upped their target price on shares of CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $48.00 to $49.00 in a report on Friday, June 20th. BNP Paribas Exane started coverage on CubeSmart in a report on Tuesday, June 24th. They issued a "neutral" rating and a $46.00 target price on the stock. Finally, Scotiabank upped their price target on shares of CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, CubeSmart has an average rating of "Hold" and a consensus price target of $47.20.

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.