CubeSmart $CUBE Shares Sold by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. reduced its stake in CubeSmart by 18.2%, now holding 47,912 shares valued at approximately $2,046,000.
• Several institutional investors have recently increased their positions in CubeSmart, with Farther Finance Advisors LLC raising their stake by 446.2% during the same quarter.
• CubeSmart reported earnings of $0.65 per share for the last quarter, exceeding estimates, along with a new quarterly dividend of $0.52 per share announced for October 15th.

Panagora Asset Management Inc. trimmed its stake in CubeSmart (NYSE:CUBE - Free Report) by 18.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,912 shares of the real estate investment trust's stock after selling 10,647 shares during the quarter. Panagora Asset Management Inc.'s holdings in CubeSmart were worth $2,046,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. grew its holdings in CubeSmart by 28.8% in the first quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust's stock valued at $370,049,000 after purchasing an additional 1,937,055 shares during the period. Price T Rowe Associates Inc. MD grew its stake in CubeSmart by 8.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,834,955 shares of the real estate investment trust's stock worth $291,922,000 after buying an additional 543,158 shares during the period. JPMorgan Chase & Co. grew its stake in CubeSmart by 29.3% during the first quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust's stock worth $237,519,000 after buying an additional 1,261,746 shares during the period. Allspring Global Investments Holdings LLC grew its stake in CubeSmart by 1.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock worth $212,886,000 after buying an additional 72,513 shares during the period. Finally, Northern Trust Corp grew its stake in CubeSmart by 4.3% during the first quarter. Northern Trust Corp now owns 3,920,931 shares of the real estate investment trust's stock worth $167,463,000 after buying an additional 162,068 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CUBE shares. BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $48.00 to $49.00 in a research note on Friday, June 20th. Wolfe Research started coverage on shares of CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 price objective for the company. Truist Financial boosted their price objective on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. BNP Paribas upgraded shares of CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Finally, Citigroup decreased their price objective on shares of CubeSmart from $45.00 to $43.00 and set a "neutral" rating for the company in a research note on Monday, August 25th. Six analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, CubeSmart presently has an average rating of "Hold" and an average target price of $46.69.

CubeSmart Stock Down 1.7%

CUBE traded down $0.70 during trading on Monday, hitting $41.04. The company had a trading volume of 201,854 shares, compared to its average volume of 1,766,707. The company has a market cap of $9.36 billion, a PE ratio of 25.01, a P/E/G ratio of 9.29 and a beta of 0.94. The business has a 50-day moving average of $40.88 and a 200-day moving average of $41.29. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The firm had revenue of $282.30 million for the quarter, compared to analysts' expectations of $275.71 million. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The firm's quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 earnings per share. CubeSmart has set its Q3 2025 guidance at 0.640-0.660 EPS. FY 2025 guidance at 2.540-2.600 EPS. As a group, analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be issued a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.08 annualized dividend and a yield of 5.1%. CubeSmart's dividend payout ratio is currently 126.83%.

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.