CubeSmart (NYSE:CUBE) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN lessened its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 5.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 139,879 shares of the real estate investment trust's stock after selling 8,567 shares during the quarter. OLD National Bancorp IN owned 0.06% of CubeSmart worth $5,974,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CUBE. Vanguard Group Inc. raised its stake in shares of CubeSmart by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after purchasing an additional 85,609 shares in the last quarter. Norges Bank acquired a new position in CubeSmart in the fourth quarter worth about $408,064,000. T. Rowe Price Investment Management Inc. increased 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 valued at $288,259,000 after buying an additional 1,464,331 shares during the last quarter. JPMorgan Chase & Co. raised its stake in CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after buying an additional 352,754 shares in the last quarter. Finally, Northern Trust Corp raised its stake in 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 buying an additional 1,195,246 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

CubeSmart stock traded down $0.37 during midday trading on Wednesday, reaching $43.30. 963,885 shares of the stock traded hands, compared to its average volume of 1,519,259. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. 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 firm has a market cap of $9.87 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 11.58 and a beta of 0.98. The firm has a fifty day moving average price of $40.96 and a two-hundred day moving average price of $42.27.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same period in the previous year, the firm posted $0.64 earnings per share. The business's revenue was up 4.4% on a year-over-year basis. On average, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently declared 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 4.80%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is 123.08%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CUBE. Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Barclays decreased their price objective on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Wolfe Research initiated coverage on shares of CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 target price for the company. Royal Bank of Canada reduced 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. Finally, Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $47.36.

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.