Millennium Management LLC Grows Stock Position in CubeSmart $CUBE

Key Points

• Millennium Management LLC increased its stake in CubeSmart by 129.6% during the first quarter, owning 2,261,419 shares valued at approximately $96.6 million.
• CubeSmart reported $0.65 EPS for its latest quarter, exceeding analysts' estimates of $0.63, along with a revenue of $282.3 million.
• The company declared a quarterly dividend of $0.52 per share, representing an annualized yield of 5.0%, with the ex-dividend date set for October 1st.

Millennium Management LLC lifted its position in CubeSmart (NYSE:CUBE - Free Report) by 129.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,261,419 shares of the real estate investment trust's stock after purchasing an additional 1,276,340 shares during the quarter. Millennium Management LLC owned approximately 0.99% of CubeSmart worth $96,585,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. boosted its position in shares of CubeSmart by 28.8% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust's stock valued at $370,049,000 after purchasing an additional 1,937,055 shares during the period. Price T Rowe Associates Inc. MD lifted its position in CubeSmart by 8.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,834,955 shares of the real estate investment trust's stock worth $291,922,000 after acquiring an additional 543,158 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of CubeSmart by 29.3% in the first quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust's stock valued at $237,519,000 after purchasing an additional 1,261,746 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of CubeSmart by 1.5% in the first 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 purchasing an additional 72,513 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of CubeSmart by 4.3% in the first quarter. Northern Trust Corp now owns 3,920,931 shares of the real estate investment trust's stock valued at $167,463,000 after purchasing an additional 162,068 shares during the period. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CUBE shares. Wolfe Research started coverage on CubeSmart in a report on Monday, May 19th. They issued an "outperform" rating and a $48.00 target price on the stock. Truist Financial boosted their target price on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Barclays dropped their target price on CubeSmart from $48.00 to $45.00 and set an "equal weight" rating on the stock in a report on Friday, August 8th. BNP Paribas raised CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Finally, Mizuho raised their price target on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Six research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, CubeSmart currently has an average rating of "Hold" and a consensus price target of $46.69.

CubeSmart Price Performance

CUBE traded down $0.02 during trading on Wednesday, reaching $40.72. 1,798,032 shares of the stock were exchanged, compared to its average volume of 1,779,997. The business's 50 day moving average price is $40.82 and its two-hundred day moving average price is $41.28. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06. The company has a market capitalization of $9.28 billion, a price-to-earnings ratio of 24.83, a P/E/G ratio of 9.16 and a beta of 0.94. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The company had revenue of $282.30 million during the quarter, compared to the consensus estimate of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%.CubeSmart's revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 earnings per share. CubeSmart has set its Q3 2025 guidance at 0.640-0.660 EPS. FY 2025 guidance at 2.540-2.600 EPS. As a group, equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 annualized dividend and a yield of 5.1%. CubeSmart's dividend payout ratio is 126.83%.

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.