Russell Investments Group Ltd. Buys 188,051 Shares of CubeSmart (NYSE:CUBE)

Key Points

• Russell Investments Group Ltd. increased its stake in CubeSmart by 13% by acquiring an additional 188,051 shares, raising its total holdings to 1,639,428 shares valued at approximately $70 million.
• Following various analyst reports, CubeSmart received multiple upgrades with revised price targets, notably rising from $39 to $43 by Mizuho and from $44 to $50 by Bank of America.
• CubeSmart announced a quarterly dividend of $0.52, equating to an annualized dividend of $2.08, which reflects a dividend yield of 5.4% despite a high payout ratio of 126.83%.

Russell Investments Group Ltd. boosted its position in CubeSmart (NYSE:CUBE - Free Report) by 13.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,639,428 shares of the real estate investment trust's stock after purchasing an additional 188,051 shares during the period. Russell Investments Group Ltd. owned about 0.72% of CubeSmart worth $70,020,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of Montreal Can raised its stake in shares of CubeSmart by 19.7% in the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock worth $3,021,000 after buying an additional 11,608 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of CubeSmart by 140.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust's stock worth $34,528,000 after buying an additional 472,596 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of CubeSmart in the first quarter worth about $821,000. Allspring Global Investments Holdings LLC raised its stake in shares of CubeSmart by 1.5% in 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, GAMMA Investing LLC raised its stake in CubeSmart by 4,739.3% during the 1st quarter. GAMMA Investing LLC now owns 93,108 shares of the real estate investment trust's stock valued at $3,977,000 after purchasing an additional 91,184 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CUBE shares. Mizuho lifted their target price on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Royal Bank Of Canada decreased their target price on CubeSmart from $48.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, August 4th. Evercore ISI decreased their target price on CubeSmart from $48.00 to $47.00 and set an "in-line" rating on the stock in a research note on Monday, August 4th. Truist Financial lifted their target price on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, BNP Paribas raised CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $46.93.

CubeSmart Price Performance

NYSE:CUBE traded up $0.27 during trading hours on Friday, reaching $39.55. The stock had a trading volume of 1,559,610 shares, compared to its average volume of 1,802,364. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.06 and a current ratio of 0.06. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a 50 day moving average price of $41.68 and a two-hundred day moving average price of $41.45. The stock has a market capitalization of $9.02 billion, a PE ratio of 24.12, a PEG ratio of 8.80 and a beta of 0.94.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The business had revenue of $282.30 million for the quarter, compared to the consensus estimate of $275.71 million. During the same quarter in the previous year, the company posted $0.64 EPS. The company's revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.3%. CubeSmart's payout ratio is currently 126.83%.

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.