Exchange Traded Concepts LLC Boosts Stock Holdings in CubeSmart (NYSE:CUBE)

Exchange Traded Concepts LLC grew its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 588.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,722 shares of the real estate investment trust's stock after purchasing an additional 18,569 shares during the period. Exchange Traded Concepts LLC's holdings in CubeSmart were worth $928,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Blue Trust Inc. lifted its holdings in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 289 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in CubeSmart by 0.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock worth $2,280,000 after purchasing an additional 306 shares during the last quarter. Magnetar Financial LLC lifted its stake in CubeSmart by 2.3% in the fourth quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock worth $606,000 after purchasing an additional 320 shares during the last quarter. Mariner LLC lifted its stake in CubeSmart by 2.5% in the fourth quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock worth $585,000 after purchasing an additional 328 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its stake in CubeSmart by 5.1% in the fourth quarter. CIBC Asset Management Inc now owns 6,984 shares of the real estate investment trust's stock worth $299,000 after purchasing an additional 342 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

CubeSmart Stock Up 1.3%

CUBE traded up $0.56 during midday trading on Monday, reaching $42.93. The company's stock had a trading volume of 1,777,096 shares, compared to its average volume of 1,529,980. The firm has a market capitalization of $9.79 billion, a price-to-earnings ratio of 25.40, a PEG ratio of 7.79 and a beta of 0.98. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The stock's 50-day moving average is $41.85 and its 200-day moving average is $41.84.

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. The business had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The business's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share. As a group, research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Barclays lowered their price target on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. 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 research report on Monday, May 12th. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Finally, Wolfe Research initiated coverage on shares of CubeSmart in a research report on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $47.47.

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.