Nuveen LLC Takes Position in CubeSmart $CUBE

Key Points

• Nuveen LLC acquired a new stake in CubeSmart (NYSE:CUBE), purchasing 1,263,880 shares valued at approximately $53.98 million, representing about 0.55% of the company.
• CubeSmart recently reported an EPS of $0.65 for the quarter, surpassing analysts' expectations, with revenue of $282.30 million, marking a 6% year-over-year increase.
• The firm announced a quarterly dividend of $0.52 per share, resulting in an annualized dividend yield of 5.3%, payable on October 15th.

Nuveen LLC purchased a new position in shares of CubeSmart (NYSE:CUBE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,263,880 shares of the real estate investment trust's stock, valued at approximately $53,980,000. Nuveen LLC owned approximately 0.55% of CubeSmart at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Capital World Investors boosted its holdings in CubeSmart by 184.5% in the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock worth $126,161,000 after purchasing an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. boosted its holdings in CubeSmart by 219.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock worth $110,323,000 after purchasing an additional 1,768,626 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in CubeSmart by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock worth $288,259,000 after purchasing an additional 1,464,331 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of CubeSmart by 29.3% during 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 acquiring an additional 1,261,746 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of CubeSmart by 46.6% during the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock valued at $161,067,000 after acquiring an additional 1,195,246 shares during the period. 97.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CUBE shares. Barclays reduced their price target on shares of CubeSmart from $48.00 to $45.00 and set an "equal weight" rating for the company in a report on Friday, August 8th. Wolfe Research started coverage on shares of CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 price target for the company. BNP Paribas Exane started coverage on shares of CubeSmart in a report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 price target for the company. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. Finally, Mizuho boosted their price target on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $46.93.

CubeSmart Price Performance

CubeSmart stock traded down $0.49 during midday trading on Monday, hitting $39.02. The company's stock had a trading volume of 517,259 shares, compared to its average volume of 1,794,004. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18. The stock's 50-day moving average price is $41.60 and its 200-day moving average price is $41.43. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a market capitalization of $8.90 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 8.79 and a beta of 0.94.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. The company had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. CubeSmart's revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.64 earnings per share. Analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.3%. CubeSmart's dividend payout ratio is currently 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.