Gallacher Capital Management LLC Purchases 11,608 Shares of CubeSmart (NYSE:CUBE)

Gallacher Capital Management LLC lifted its position in CubeSmart (NYSE:CUBE - Free Report) by 170.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,414 shares of the real estate investment trust's stock after acquiring an additional 11,608 shares during the quarter. Gallacher Capital Management LLC's holdings in CubeSmart were worth $786,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CUBE. Bessemer Group Inc. increased its holdings in CubeSmart by 7.4% in the 1st quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust's stock worth $158,000 after acquiring an additional 255 shares in the last quarter. Thrivent Financial for Lutherans increased 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 valued at $2,280,000 after purchasing an additional 306 shares during the last quarter. Cerity Partners LLC grew its position in CubeSmart by 6.2% during the 1st quarter. Cerity Partners LLC now owns 5,375 shares of the real estate investment trust's stock worth $230,000 after purchasing an additional 316 shares during the last quarter. Mariner LLC lifted its holdings in CubeSmart by 2.5% in the fourth quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock valued at $585,000 after acquiring an additional 328 shares during the period. Finally, Orion Portfolio Solutions LLC raised its stake in shares of CubeSmart by 0.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 50,534 shares of the real estate investment trust's stock worth $2,165,000 after buying an additional 370 shares during the last quarter. Institutional investors own 97.61% of the company's stock.

CubeSmart Price Performance

NYSE CUBE traded down $0.18 during trading hours on Wednesday, hitting $41.56. 1,790,134 shares of the company's stock traded hands, compared to its average volume of 1,585,697. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The company has a market capitalization of $9.47 billion, a PE ratio of 24.59, a PEG ratio of 7.53 and a beta of 0.96. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07. The firm's 50-day moving average is $42.50 and its 200-day moving average is $41.59.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating 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 firm had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. During the same period last year, the firm posted $0.64 EPS. The company's revenue was up 4.4% on a year-over-year basis. Equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The company 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. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.01%. CubeSmart's dividend payout ratio is currently 123.08%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CUBE shares. Truist Financial boosted their target price on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a report on Monday, May 19th. BNP Paribas Exane initiated coverage on CubeSmart in a research note on Tuesday, June 24th. They set a "neutral" rating and a $46.00 target price for the company. BNP Paribas raised CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Scotiabank raised their target price on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Finally, Wolfe Research began coverage on CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 price objective on the stock. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus 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.