LPL Financial LLC Has $5.41 Million Holdings in CubeSmart (NYSE:CUBE)

Key Points

• LPL Financial LLC increased its holdings in CubeSmart by 16.5%, owning 126,572 shares valued at approximately $5.4 million as of the end of the most recent quarter.
• CubeSmart reported a quarterly EPS of $0.65, surpassing analysts' expectations, and a 6.0% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.52 per share, resulting in an annualized yield of 5.4%.

LPL Financial LLC grew its holdings in CubeSmart (NYSE:CUBE - Free Report) by 16.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 126,572 shares of the real estate investment trust's stock after buying an additional 17,962 shares during the quarter. LPL Financial LLC owned 0.06% of CubeSmart worth $5,406,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of CubeSmart by 19.7% in the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock valued at $3,021,000 after buying an additional 11,608 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of CubeSmart by 140.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust's stock valued at $34,528,000 after buying an additional 472,596 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of CubeSmart in the 1st quarter valued at $821,000. Allspring Global Investments Holdings LLC raised its stake in shares of CubeSmart by 1.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock valued at $212,886,000 after buying an additional 72,513 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of CubeSmart by 4,739.3% in the 1st quarter. GAMMA Investing LLC now owns 93,108 shares of the real estate investment trust's stock valued at $3,977,000 after buying an additional 91,184 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

NYSE:CUBE traded up $0.27 during mid-day trading on Friday, reaching $39.55. 1,559,610 shares of the company were exchanged, compared to its average volume of 1,802,364. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a fifty day moving average of $41.68 and a 200 day moving average of $41.45. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18. The stock has a market cap of $9.02 billion, a PE ratio of 24.12, a PEG ratio of 8.80 and a beta of 0.94.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The firm had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The company's revenue was up 6.0% on a year-over-year basis. On average, research analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.52 per share. The ex-dividend date is Wednesday, October 1st. This represents a $2.08 dividend on an annualized basis and a yield of 5.3%. CubeSmart's dividend payout ratio is presently 126.83%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CUBE. Wolfe Research began coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective for the company. Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and increased their price objective for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Royal Bank Of Canada dropped their price objective on shares of CubeSmart from $48.00 to $47.00 and set an "outperform" rating for the company in a research note on Monday, August 4th. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $48.00 to $49.00 in a report on Friday, June 20th. Finally, BNP Paribas raised shares of CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, CubeSmart currently has a consensus rating of "Hold" and a consensus target price of $46.93.

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.