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

Nuveen Asset Management LLC lifted its holdings in CubeSmart (NYSE:CUBE - Free Report) by 11.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,239,118 shares of the real estate investment trust's stock after buying an additional 127,086 shares during the period. Nuveen Asset Management LLC owned about 0.55% of CubeSmart worth $53,096,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 289 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of CubeSmart by 134.1% in 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 during the period. SRS Capital Advisors Inc. increased its position in shares of CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 559 shares during the last quarter. UMB Bank n.a. raised its holdings in CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock valued at $40,000 after buying an additional 351 shares during the period. Finally, Huntington National Bank raised its holdings in CubeSmart by 307.0% during the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after buying an additional 915 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CUBE shares. Wells Fargo & Company dropped their price objective on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Royal Bank of Canada dropped their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. 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 objective 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 research report on Monday. Finally, Evercore ISI increased their price target on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $47.07.

CubeSmart Stock Down 0.7%

Shares of CUBE traded down $0.31 during mid-day trading on Thursday, hitting $41.26. The company's stock had a trading volume of 1,616,722 shares, compared to its average volume of 1,491,220. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The company's 50-day moving average is $40.71 and its 200-day moving average is $42.88. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The firm has a market capitalization of $9.41 billion, a price-to-earnings 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 earnings results 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 company had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. CubeSmart's revenue was up 4.4% on a year-over-year basis. On average, equities research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

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

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.