TD Asset Management Inc Boosts Stock Holdings in CubeSmart (NYSE:CUBE)

Key Points

• TD Asset Management Inc increased its stake in CubeSmart (NYSE:CUBE) by 51.5% in Q1, holding approximately 0.06% of the company worth $6.19 million.
• Several analysts have recently raised their price targets for CubeSmart, with Bank of America upgrading the stock from a "neutral" to a "buy" rating and increasing the price target from $44.00 to $50.00.
• CubeSmart announced a quarterly dividend of $0.52 per share, with a yield of 5.2%, to be paid on October 15th, indicating strong returns for investors despite a high dividend payout ratio of 123.08%.

TD Asset Management Inc boosted its stake in CubeSmart (NYSE:CUBE - Free Report) by 51.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 145,030 shares of the real estate investment trust's stock after buying an additional 49,300 shares during the period. TD Asset Management Inc owned approximately 0.06% of CubeSmart worth $6,194,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Assetmark Inc. lifted its holdings in shares of CubeSmart by 16.2% during the 1st quarter. Assetmark Inc. now owns 4,236 shares of the real estate investment trust's stock worth $181,000 after acquiring an additional 589 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in CubeSmart in the 1st quarter valued at approximately $13,540,000. Allianz Asset Management GmbH lifted its stake in CubeSmart by 139.8% in the 1st quarter. Allianz Asset Management GmbH now owns 297,941 shares of the real estate investment trust's stock valued at $12,725,000 after purchasing an additional 173,671 shares during the last quarter. Gallacher Capital Management LLC lifted its stake in CubeSmart by 170.6% in the 1st quarter. Gallacher Capital Management LLC now owns 18,414 shares of the real estate investment trust's stock valued at $786,000 after purchasing an additional 11,608 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its stake in CubeSmart by 2.0% in the 1st quarter. Cullen Frost Bankers Inc. now owns 108,126 shares of the real estate investment trust's stock valued at $4,618,000 after purchasing an additional 2,104 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

Wall Street Analyst Weigh In

CUBE has been the subject of several research reports. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $48.00 to $49.00 in a research note on Friday, June 20th. BNP Paribas Exane assumed coverage on shares of CubeSmart in a research note on Tuesday, June 24th. They set a "neutral" rating and a $46.00 price target for the company. Wolfe Research assumed coverage on shares of CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 price target for the company. Royal Bank Of Canada dropped their price target on shares of CubeSmart from $48.00 to $47.00 and set an "outperform" rating for the company in a research note on Monday. Finally, Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, CubeSmart currently has a consensus rating of "Hold" and a consensus price target of $47.13.

CubeSmart Stock Down 0.4%

Shares of CUBE traded down $0.17 during trading hours on Monday, reaching $39.74. 1,642,666 shares of the stock traded hands, compared to its average volume of 1,978,367. The company has a current ratio of 0.06, a quick ratio of 0.07 and a debt-to-equity ratio of 1.18. The stock has a fifty day simple moving average of $42.24 and a 200 day simple moving average of $41.59. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a market cap of $9.06 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 7.33 and a beta of 0.94.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.02. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The company had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. During the same period last year, the firm earned $0.64 earnings per share. The firm's revenue was up 6.0% on a year-over-year basis. On average, equities analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be given 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 5.2%. CubeSmart's payout ratio is currently 126.83%.

About CubeSmart

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.