Millennium Management LLC Buys 409,701 Shares of CubeSmart (NYSE:CUBE)

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

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in shares of CubeSmart by 54.0% during the third quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust's stock valued at $17,793,000 after buying an additional 115,904 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in CubeSmart by 15.4% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 8,167 shares of the real estate investment trust's stock valued at $350,000 after acquiring an additional 1,090 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in CubeSmart by 55.2% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 24,940 shares of the real estate investment trust's stock worth $1,069,000 after acquiring an additional 8,873 shares during the last quarter. Lake Street Private Wealth LLC grew its stake in shares of CubeSmart by 7.6% in the 4th quarter. Lake Street Private Wealth LLC now owns 51,342 shares of the real estate investment trust's stock worth $2,200,000 after acquiring an additional 3,636 shares in the last quarter. Finally, Arkadios Wealth Advisors grew its stake in shares of CubeSmart by 22.5% in the 4th quarter. Arkadios Wealth Advisors now owns 7,713 shares of the real estate investment trust's stock worth $331,000 after acquiring an additional 1,415 shares in the last quarter. 97.61% of the stock is owned by institutional investors.

CubeSmart Stock Performance

Shares of NYSE CUBE traded down $0.14 during trading on Thursday, reaching $41.43. 962,628 shares of the stock traded hands, compared to its average volume of 1,488,835. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market capitalization of $9.44 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The company has a 50-day moving average of $40.71 and a 200-day moving average of $42.88.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company's revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. Analysts forecast 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 Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued 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 yield of 5.02%. CubeSmart's payout ratio is 123.08%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Truist Financial lifted their target price on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and increased their price target for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Wolfe Research started coverage on CubeSmart in a report on Monday. They set an "outperform" rating and a $48.00 price target on the stock. Finally, Mizuho started coverage on CubeSmart in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $47.07.

CubeSmart Company 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.