Pallas Capital Advisors LLC Boosts Stake in CubeSmart (NYSE:CUBE)

Pallas Capital Advisors LLC grew its holdings in CubeSmart (NYSE:CUBE - Free Report) by 23.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,329 shares of the real estate investment trust's stock after buying 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.

Several other hedge funds have also modified their holdings of CUBE. Blue Trust Inc. lifted its holdings 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 valued at $29,000 after buying an additional 289 shares during the period. abrdn plc lifted its holdings in shares of CubeSmart by 53.9% in the 4th quarter. abrdn plc now owns 70,922 shares of the real estate investment trust's stock valued at $3,003,000 after buying an additional 24,832 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of CubeSmart by 9.4% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 45,902 shares of the real estate investment trust's stock valued at $1,967,000 after buying an additional 3,941 shares during the period. Entropy Technologies LP acquired a new position in CubeSmart during the fourth quarter worth $445,000. Finally, WCM Investment Management LLC raised its holdings in CubeSmart by 1.3% during the fourth quarter. WCM Investment Management LLC now owns 73,100 shares of the real estate investment trust's stock worth $3,095,000 after purchasing an additional 918 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on CUBE. Evercore ISI lifted their price objective on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Scotiabank lifted their price objective on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a report on Monday, May 12th. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Wells Fargo & Company reduced their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Barclays reduced their price objective 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 analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $47.36.

CubeSmart Price Performance

Shares of NYSE CUBE traded down $0.39 during trading on Friday, reaching $42.97. The company had a trading volume of 1,241,151 shares, compared to its average volume of 1,520,587. The stock has a market capitalization of $9.80 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 11.58 and a beta of 0.98. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The stock has a 50-day moving average price of $41.22 and a two-hundred day moving average price of $42.18.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 earnings per share. As a group, sell-side analysts predict 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. Stockholders of record on Tuesday, July 1st will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.

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.