Nuveen Asset Management LLC Acquires 127,086 Shares of CubeSmart (NYSE:CUBE)

Nuveen Asset Management LLC increased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,239,118 shares of the real estate investment trust's stock after purchasing an additional 127,086 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.55% of CubeSmart worth $53,096,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares in the last quarter. SRS Capital Advisors Inc. raised its holdings in shares of CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 559 shares during the last quarter. UMB Bank n.a. lifted its position in CubeSmart by 59.4% in the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock valued at $40,000 after acquiring an additional 351 shares in the last quarter. Finally, Huntington National Bank lifted its position in CubeSmart by 307.0% in the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after acquiring an additional 915 shares in the last quarter. Institutional investors own 97.61% of the company's stock.

CubeSmart Price Performance

NYSE:CUBE traded down $0.01 during trading hours on Friday, hitting $41.26. The stock had a trading volume of 1,382,833 shares, compared to its average volume of 1,496,434. The company has a 50 day simple moving average of $40.67 and a two-hundred day simple moving average of $42.75. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a one year low of $34.24 and a one year high of $55.14. The firm has a market capitalization of $9.41 billion, a price-to-earnings ratio of 23.31, a P/E/G ratio of 11.58 and a beta of 1.00.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings results 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. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same period last year, the firm earned $0.64 EPS. The business's quarterly revenue was up 4.4% compared to the same quarter last year. Research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CUBE. Truist Financial raised their price target on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Royal Bank of Canada dropped their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Barclays dropped their price target on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Finally, Mizuho began coverage on shares of CubeSmart in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $47.07.

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.