CubeSmart $CUBE Shares Acquired by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in CubeSmart by 28.8%, owning approximately 3.80% of the company with a total value of $370 million after acquiring an additional 1.9 million shares.
• CubeSmart reported $0.65 earnings per share for the latest quarter, surpassing analysts' expectations of $0.63, and also announced a quarterly dividend of $0.52 to be paid on October 15th.
• Despite a recent physical stock price fluctuation, analysts suggest that CubeSmart's stock is rated with an average target price of $46.93, with several research firms adjusting their price target recently.

T. Rowe Price Investment Management Inc. grew its stake in CubeSmart (NYSE:CUBE - Free Report) by 28.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,664,210 shares of the real estate investment trust's stock after acquiring an additional 1,937,055 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 3.80% of CubeSmart worth $370,049,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Bessemer Group Inc. grew its stake in CubeSmart by 7.4% during the 1st quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust's stock worth $158,000 after buying an additional 255 shares during the last quarter. Covestor Ltd grew its stake in CubeSmart by 22.8% during the 1st quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust's stock worth $67,000 after buying an additional 292 shares during the last quarter. Cerity Partners LLC grew its stake in CubeSmart by 6.2% during the 1st quarter. Cerity Partners LLC now owns 5,375 shares of the real estate investment trust's stock worth $230,000 after buying an additional 316 shares during the last quarter. Mariner LLC grew its stake in CubeSmart by 2.5% during the 4th quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock worth $585,000 after buying an additional 328 shares during the last quarter. Finally, CWM LLC grew its stake in CubeSmart by 23.5% during the 1st quarter. CWM LLC now owns 1,950 shares of the real estate investment trust's stock worth $83,000 after buying an additional 371 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. BNP Paribas upgraded CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Wolfe Research assumed coverage on CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 target price on the stock. Barclays dropped their target price on CubeSmart from $48.00 to $45.00 and set an "equal weight" rating on the stock in a research note on Friday, August 8th. Truist Financial boosted their target price on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Finally, BMO Capital Markets upgraded CubeSmart from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Six investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $46.93.

CubeSmart Stock Performance

CubeSmart stock traded up $1.05 during trading hours on Friday, hitting $41.07. 1,223,453 shares of the stock traded hands, compared to its average volume of 1,770,445. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06. The firm's 50 day moving average price is $41.27 and its 200-day moving average price is $41.38. The stock has a market capitalization of $9.37 billion, a price-to-earnings ratio of 25.04, a P/E/G ratio of 9.15 and a beta of 0.94. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $282.30 million during the quarter, compared to analysts' expectations of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%.The company's revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. 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, equities analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

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