Millennium Management LLC Raises Stock Holdings 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 increased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 129.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,261,419 shares of the real estate investment trust's stock after acquiring an additional 1,276,340 shares during the period. Millennium Management LLC owned about 0.99% of CubeSmart worth $96,585,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CUBE. Allworth Financial LP raised its stake in shares of CubeSmart by 115.2% during the 1st quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust's stock worth $37,000 after purchasing an additional 501 shares during the period. Covestor Ltd grew its holdings in CubeSmart by 22.8% during the first quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust's stock valued at $67,000 after purchasing an additional 292 shares during the period. Farther Finance Advisors LLC grew its holdings in CubeSmart by 446.2% during the first quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock valued at $76,000 after purchasing an additional 1,468 shares during the period. UMB Bank n.a. boosted its holdings in CubeSmart by 103.5% in the 1st quarter. UMB Bank n.a. now owns 1,917 shares of the real estate investment trust's stock worth $82,000 after buying an additional 975 shares during the period. Finally, CWM LLC boosted its holdings in CubeSmart by 23.5% in the 1st quarter. CWM LLC now owns 1,950 shares of the real estate investment trust's stock worth $83,000 after buying an additional 371 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Up 1.7%

Shares of CUBE traded up $0.68 on Thursday, reaching $41.40. The stock had a trading volume of 287,845 shares, compared to its average volume of 1,773,100. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of 25.24, a price-to-earnings-growth ratio of 9.07 and a beta of 0.94. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.06 and a current ratio of 0.06. The company has a 50-day simple moving average of $40.77 and a 200-day simple moving average of $41.28. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share 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 company had revenue of $282.30 million during the quarter, compared to analyst estimates of $275.71 million. During the same period in the previous year, the business earned $0.64 EPS. The firm's revenue for the quarter was up 6.0% on a year-over-year basis. CubeSmart has set its Q3 2025 guidance at 0.640-0.660 EPS. FY 2025 guidance at 2.540-2.600 EPS. Sell-side analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be issued a $0.52 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $2.08 annualized dividend and a yield of 5.0%. CubeSmart's dividend payout ratio (DPR) is currently 126.83%.

Analysts Set New Price Targets

Several research firms recently commented on CUBE. BNP Paribas raised shares of CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Evercore ISI decreased their target price on shares of CubeSmart from $48.00 to $47.00 and set an "in-line" rating on the stock in a report on Monday, August 4th. Citigroup decreased their target price on shares of CubeSmart from $45.00 to $43.00 and set a "neutral" rating on the stock in a report on Monday, August 25th. Barclays lowered their price objective on CubeSmart from $48.00 to $45.00 and set an "equal weight" rating on the stock in a research report on Friday, August 8th. Finally, Royal Bank Of Canada lowered their price objective on CubeSmart from $48.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, August 4th. Six research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $46.69.

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.