OLD National Bancorp IN Has $5.97 Million Stock Holdings in CubeSmart (NYSE:CUBE)

OLD National Bancorp IN reduced its holdings in CubeSmart (NYSE:CUBE - Free Report) by 5.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund 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 about 0.06% of CubeSmart worth $5,974,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Blue Trust Inc. lifted its position in shares of CubeSmart by 74.9% in the 4th 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 period. Jones Financial Companies Lllp raised its stake in shares of CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 389 shares in the last quarter. SRS Capital Advisors Inc. raised its stake in shares of CubeSmart by 310.6% in the fourth 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 in the last quarter. Huntington National Bank lifted its position in CubeSmart by 307.0% in the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 915 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in CubeSmart during the fourth quarter worth $58,000. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

CUBE stock traded up $0.07 during midday trading on Thursday, reaching $43.39. 1,534,348 shares of the company's stock traded hands, compared to its average volume of 1,519,319. The company has a 50-day simple moving average of $40.96 and a two-hundred day simple moving average of $42.27. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. The company has a market cap of $9.89 billion, a price-to-earnings ratio of 24.51, a PEG ratio of 11.58 and a beta of 0.98.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The company had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period last year, the company posted $0.64 earnings per share. On average, analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.79%. CubeSmart's dividend payout ratio (DPR) is currently 123.08%.

Analyst Ratings Changes

CUBE has been the subject of a number of recent research reports. Mizuho increased their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Scotiabank upped their target price on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Wells Fargo & Company cut their price target 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. Wolfe Research initiated coverage on CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 price objective on the stock. Finally, Barclays dropped their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, CubeSmart has a consensus rating of "Hold" and an average price target of $47.36.

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.