Entropy Technologies LP Purchases 9,367 Shares of CubeSmart (NYSE:CUBE)

Key Points

• Entropy Technologies LP increased its holdings in CubeSmart by 90.2%, acquiring an additional 9,367 shares, bringing its total to 19,749 shares valued at approximately $843,000.
• CubeSmart announced a quarterly dividend of $0.52 per share, which indicates an annualized dividend of $2.08 and a yield of 5.4%.
• Analysts forecast a hold rating for CubeSmart with a consensus price target of $46.93 based on recent evaluations by multiple research firms.

Entropy Technologies LP raised its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 90.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,749 shares of the real estate investment trust's stock after acquiring an additional 9,367 shares during the quarter. Entropy Technologies LP's holdings in CubeSmart were worth $843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of Montreal Can increased its holdings in shares of CubeSmart by 19.7% in the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock worth $3,021,000 after purchasing an additional 11,608 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of CubeSmart by 140.7% in 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 purchasing an additional 472,596 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of CubeSmart in the first quarter worth $821,000. Allspring Global Investments Holdings LLC increased its holdings in shares of CubeSmart by 1.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock worth $212,886,000 after purchasing an additional 72,513 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of CubeSmart by 4,739.3% in the first quarter. GAMMA Investing LLC now owns 93,108 shares of the real estate investment trust's stock worth $3,977,000 after purchasing an additional 91,184 shares during the period. Institutional investors own 97.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CUBE. BNP Paribas upgraded CubeSmart to a "hold" rating in a research report on Tuesday, June 24th. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $48.00 to $49.00 in a research note on Friday, June 20th. Mizuho lifted their price target on shares of CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Royal Bank Of Canada decreased their price target on shares of CubeSmart from $48.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, August 4th. Finally, Truist Financial lifted their price target on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, CubeSmart currently has a consensus rating of "Hold" and an average target price of $46.93.

CubeSmart Trading Up 0.7%

Shares of CubeSmart stock traded up $0.27 during trading on Friday, reaching $39.55. 1,559,610 shares of the stock were exchanged, compared to its average volume of 1,802,364. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18. The stock's fifty day moving average is $41.68 and its 200 day moving average is $41.45. The firm has a market cap of $9.02 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 8.80 and a beta of 0.94. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The firm had revenue of $282.30 million during the quarter, compared to analyst estimates of $275.71 million. During the same quarter in the prior year, the company earned $0.64 EPS. The business's revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Wednesday, October 1st. CubeSmart's dividend payout ratio (DPR) is presently 126.83%.

CubeSmart Company 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.