Pallas Capital Advisors LLC Has $2.06 Million Position in CubeSmart (NYSE:CUBE)

Pallas Capital Advisors LLC increased its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 23.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,329 shares of the real estate investment trust's stock after purchasing an additional 9,222 shares during the quarter. Pallas Capital Advisors LLC's holdings in CubeSmart were worth $2,064,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can raised its position in shares of CubeSmart by 19.7% in the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock valued at $3,021,000 after acquiring an additional 11,608 shares during the period. Norges Bank acquired a new stake in shares of CubeSmart in the 4th quarter valued at approximately $408,064,000. Raymond James Financial Inc. bought a new position in CubeSmart during the fourth quarter worth about $21,278,000. LPL Financial LLC grew its holdings in CubeSmart by 19.2% during the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock worth $4,654,000 after purchasing an additional 17,518 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of CubeSmart by 8.9% in 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 purchasing an additional 352,754 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Barclays lowered their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Truist Financial upped their target price on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Wolfe Research started coverage on shares of CubeSmart in a research report on Monday, May 19th. They set an "outperform" rating and a $48.00 price target on the stock. Finally, Scotiabank increased their price target on shares of CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $47.36.

CubeSmart Price Performance

Shares of NYSE:CUBE traded down $0.37 during trading on Wednesday, hitting $43.30. 963,885 shares of the company were exchanged, compared to its average volume of 1,519,259. The business's 50 day moving average is $40.88 and its 200-day moving average is $42.27. The company has a market capitalization of $9.87 billion, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 11.58 and a beta of 0.98. 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.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 earnings per share. Equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.80%. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

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.