Pacific Heights Asset Management LLC Buys Shares of 500,000 CubeSmart $CUBE

Key Points

• Pacific Heights Asset Management initiated a 500,000-share CubeSmart stake worth approximately $19.9 million, while institutional investors collectively own 97.61% of the REIT.
• CubeSmart reported quarterly revenue of $286.5 million, exceeding estimates, but earnings per share of $0.39 missed the $0.64 consensus forecast. The stock opened at $40.00, down 1.1%.
• CubeSmart declared a quarterly dividend of $0.53, equivalent to $2.12 annually and a 5.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $43.55.

Pacific Heights Asset Management LLC bought a new stake in shares of CubeSmart (NYSE:CUBE - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 500,000 shares of the real estate investment trust's stock, valued at approximately $19,885,000. Pacific Heights Asset Management LLC owned about 0.22% of CubeSmart at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. BlackRock Inc. bought a new position in CubeSmart during the 2nd quarter valued at $1,349,164,000. Norges Bank bought a new stake in shares of CubeSmart in the 4th quarter worth about $395,968,000. Canada Pension Plan Investment Board bought a new position in shares of CubeSmart during the second quarter worth about $288,512,000. Bank of New York Mellon Corp bought a new position in shares of CubeSmart during the second quarter worth about $74,199,000. Finally, Millennium Management LLC grew its stake in CubeSmart by 201.5% in the fourth quarter. Millennium Management LLC now owns 2,739,600 shares of the real estate investment trust's stock worth $98,763,000 after purchasing an additional 1,830,993 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Trading Down 1.1%

NYSE:CUBE opened at $40.00 on Friday. The firm has a market capitalization of $9.01 billion, a P/E ratio of 27.58, a P/E/G ratio of 6.66 and a beta of 1.07. The business has a 50 day simple moving average of $41.08 and a 200 day simple moving average of $39.94. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.07 and a quick ratio of 0.07. CubeSmart has a 12-month low of $35.09 and a 12-month high of $43.26.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, July 30th. The real estate investment trust reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.25). The company had revenue of $286.49 million during the quarter, compared to analyst estimates of $281.12 million. CubeSmart had a return on equity of 12.35% and a net margin of 29.41%.CubeSmart's quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.65 earnings per share. CubeSmart has set its Q3 2026 guidance at 0.640-0.660 EPS and its FY 2026 guidance at 2.540-2.600 EPS. Equities research analysts predict that CubeSmart will post 2.57 EPS for the current year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be given a $0.53 dividend. The ex-dividend date is Thursday, October 1st. This represents a $2.12 annualized dividend and a yield of 5.3%. CubeSmart's dividend payout ratio (DPR) is currently 146.21%.

Analyst Ratings Changes

Several analysts have issued reports on CUBE shares. Royal Bank Of Canada restated an "outperform" rating and set a $47.00 price objective on shares of CubeSmart in a research note on Tuesday, August 4th. Barclays upgraded CubeSmart from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $45.00 to $46.00 in a report on Friday, July 10th. Wells Fargo & Company raised their price objective on CubeSmart from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Friday, July 24th. KeyCorp reaffirmed a "sector weight" rating on shares of CubeSmart in a report on Tuesday, August 4th. Finally, UBS Group boosted their target price on shares of CubeSmart from $41.00 to $43.00 and gave the company a "neutral" rating in a research note on Friday, July 10th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $43.55.

CubeSmart Company Profile

CubeSmart NYSE: CUBE is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company's portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart's facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.

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