Envestnet Asset Management Inc. Cuts Stock Holdings in CubeSmart (NYSE:CUBE)

Envestnet Asset Management Inc. decreased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 7.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,199,923 shares of the real estate investment trust's stock after selling 99,849 shares during the period. Envestnet Asset Management Inc. owned 0.52% of CubeSmart worth $51,249,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its holdings in shares of CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 389 shares in the last quarter. Huntington National Bank boosted its stake in 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 in the last quarter. Quantbot Technologies LP acquired a new stake in CubeSmart in the 4th quarter worth approximately $58,000. Farther Finance Advisors LLC boosted 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 worth $76,000 after purchasing an additional 1,468 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in CubeSmart by 103.5% during 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 acquiring an additional 975 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $42.31 on Friday. The firm has a market cap of $9.64 billion, a PE ratio of 25.04, a PEG ratio of 7.78 and a beta of 0.96. The firm has a fifty day moving average of $42.67 and a 200 day moving average of $41.65. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.07 and a current ratio of 0.07. CubeSmart has a one year low of $34.24 and a one year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping the consensus estimate of $0.62 by $0.02. The company had revenue of $273.04 million during 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 was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.64 EPS. As a group, research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.92%. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

Analyst Ratings Changes

Several analysts have commented on CUBE shares. BNP Paribas Exane started coverage on shares of CubeSmart in a research note on Tuesday, June 24th. They set a "neutral" rating and a $46.00 price objective for the company. Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Truist Financial lifted their price objective 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. BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Finally, BNP Paribas upgraded shares of CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target 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.

Want to see what other hedge funds are holding CUBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CubeSmart (NYSE:CUBE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.