Hennion & Walsh Asset Management Inc. Purchases 7,059 Shares of CubeSmart (NYSE:CUBE)

Hennion & Walsh Asset Management Inc. increased its position in CubeSmart (NYSE:CUBE - Free Report) by 28.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,999 shares of the real estate investment trust's stock after buying an additional 7,059 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in CubeSmart were worth $1,367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CUBE. Blue Trust Inc. lifted its position in CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after buying an additional 289 shares during the last quarter. abrdn plc lifted its position in CubeSmart by 53.9% in the fourth quarter. abrdn plc now owns 70,922 shares of the real estate investment trust's stock valued at $3,003,000 after purchasing an additional 24,832 shares during the last quarter. State of Alaska Department of Revenue lifted its position in CubeSmart by 0.5% in the fourth quarter. State of Alaska Department of Revenue now owns 133,719 shares of the real estate investment trust's stock valued at $5,728,000 after purchasing an additional 669 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in CubeSmart by 9.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 45,902 shares of the real estate investment trust's stock valued at $1,967,000 after purchasing an additional 3,941 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in CubeSmart in the fourth quarter valued at approximately $1,337,000. Institutional investors own 97.61% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wolfe Research assumed coverage on CubeSmart in a research report on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective for the company. Bank of America upgraded 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. Royal Bank of Canada lowered their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Evercore ISI boosted their price objective on CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a research report on Friday, May 2nd. Finally, Mizuho upped their target price on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $47.36.

CubeSmart Price Performance

Shares of CUBE stock opened at $43.31 on Friday. The stock has a market cap of $9.87 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 11.58 and a beta of 0.98. The business's fifty day moving average is $40.81 and its 200 day moving average is $42.38. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. The company had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm's revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 earnings per share. Research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a $0.52 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.80%. CubeSmart's dividend payout ratio is currently 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.

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.