Exchange Traded Concepts LLC Buys 18,569 Shares of CubeSmart (NYSE:CUBE)

Exchange Traded Concepts LLC boosted its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 588.9% during the first quarter, according to the company in its most recent Form 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 quarter. Exchange Traded Concepts LLC's holdings in CubeSmart were worth $928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. New York State Teachers Retirement System boosted its holdings in CubeSmart by 2.9% in the fourth quarter. New York State Teachers Retirement System now owns 161,024 shares of the real estate investment trust's stock worth $6,900,000 after acquiring an additional 4,609 shares in the last quarter. Blue Trust Inc. boosted its holdings in CubeSmart by 74.9% in the fourth 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 in the last quarter. Principal Securities Inc. boosted its holdings in CubeSmart by 10.8% in the fourth quarter. Principal Securities Inc. now owns 27,430 shares of the real estate investment trust's stock worth $1,175,000 after acquiring an additional 2,671 shares in the last quarter. CIBC Asset Management Inc boosted its holdings 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 acquiring an additional 342 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in CubeSmart by 6.9% in the fourth quarter. D.A. Davidson & CO. now owns 13,448 shares of the real estate investment trust's stock worth $576,000 after acquiring an additional 867 shares in the last quarter. Institutional investors own 97.61% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CUBE. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Royal Bank Of Canada lowered their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $44.00 to $50.00 in a report on Tuesday, May 13th. Wells Fargo & Company decreased their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Barclays decreased their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $47.36.

CubeSmart Stock Down 0.7%

Shares of CUBE stock opened at $42.69 on Friday. The stock has a 50 day moving average of $41.66 and a 200 day moving average of $41.99. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. The stock has a market cap of $9.73 billion, a P/E ratio of 25.26, a P/E/G ratio of 7.85 and a beta of 0.98. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14.

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, beating the consensus estimate of $0.62 by $0.02. The company had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. CubeSmart's quarterly revenue was up 4.4% on a year-over-year basis. During the same period last year, the business earned $0.64 earnings per share. As a group, sell-side 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. Stockholders of record on Tuesday, July 1st will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

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.

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