Millennium Management LLC Boosts Stock Position in CubeSmart (NYSE:CUBE)

Millennium Management LLC boosted its holdings in CubeSmart (NYSE:CUBE - Free Report) by 71.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 985,079 shares of the real estate investment trust's stock after acquiring an additional 409,701 shares during the period. Millennium Management LLC owned 0.44% of CubeSmart worth $42,211,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after acquiring an additional 85,609 shares during the last quarter. Norges Bank acquired a new position in CubeSmart in the fourth quarter valued at approximately $408,064,000. T. Rowe Price Investment Management Inc. lifted its holdings in CubeSmart by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock valued at $288,259,000 after acquiring an additional 1,464,331 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after purchasing an additional 352,754 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in CubeSmart by 46.6% during the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock worth $161,067,000 after purchasing an additional 1,195,246 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Scotiabank upped their price target on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Bank of America upgraded CubeSmart from a "neutral" rating to a "buy" rating and upped their price target for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Royal Bank of Canada decreased their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Barclays decreased their price target on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Finally, Mizuho assumed coverage on CubeSmart in a research note on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $47.07.

CubeSmart Stock Down 0.0%

Shares of CubeSmart stock traded down $0.01 during trading hours on Friday, reaching $41.26. 1,382,833 shares of the company were exchanged, compared to its average volume of 1,494,385. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The stock's fifty day moving average is $40.67 and its 200 day moving average is $42.77. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market cap of $9.41 billion, a PE ratio of 23.31, a PEG ratio of 11.58 and a beta of 1.00.

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 analysts' consensus estimates of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. During the same quarter in the prior year, the company earned $0.64 earnings per share. The company's revenue was up 4.4% on a year-over-year basis. As a group, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.04%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

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.