Janney Montgomery Scott LLC bought a new stake in CubeSmart (NYSE:CUBE - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 19,215 shares of the real estate investment trust's stock, valued at approximately $821,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its stake in 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. SRS Capital Advisors Inc. boosted its stake in CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 559 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 valued at $52,000 after buying an additional 915 shares in the last quarter. Quantbot Technologies LP acquired a new stake in CubeSmart in the 4th quarter valued at $58,000. Finally, 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 valued at $76,000 after buying an additional 1,468 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.
CubeSmart Stock Up 1.1%
CubeSmart stock traded up $0.49 during trading on Friday, hitting $43.51. 909,663 shares of the company were exchanged, compared to its average volume of 1,555,922. The business's 50 day moving average is $42.49 and its 200 day moving average is $41.67. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a market capitalization of $9.92 billion, a P/E ratio of 25.75, a PEG ratio of 7.97 and a beta of 0.96. 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 (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data 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. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The business had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. During the same quarter in the previous year, the firm earned $0.64 earnings per share. The business's revenue was up 4.4% on a year-over-year basis. Analysts predict that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.78%. CubeSmart's dividend payout ratio is presently 123.08%.
Wall Street Analysts Forecast Growth
CUBE has been the subject of several research analyst reports. Scotiabank lifted their price objective on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. BNP Paribas Exane initiated coverage on CubeSmart in a research report on Tuesday, June 24th. They issued a "neutral" rating and a $46.00 price objective for the company. BNP Paribas upgraded CubeSmart to a "hold" rating in a research report on Tuesday, June 24th. Mizuho lifted their price objective on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Finally, KeyCorp upgraded CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $47.38.
View Our Latest Stock Report on CubeSmart
CubeSmart Profile
(
Free Report)
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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