Truist Financial Corp Decreases Stock Holdings in CubeSmart (NYSE:CUBE)

Truist Financial Corp cut its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 679,995 shares of the real estate investment trust's stock after selling 26,964 shares during the quarter. Truist Financial Corp owned approximately 0.30% of CubeSmart worth $29,043,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. lifted its holdings in shares of CubeSmart by 7.4% in the first 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 in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of CubeSmart by 0.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock worth $2,280,000 after buying an additional 306 shares in the last quarter. Magnetar Financial LLC lifted its holdings in shares of CubeSmart by 2.3% in the fourth quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock worth $606,000 after buying an additional 320 shares in the last quarter. Mariner LLC lifted its holdings in shares of CubeSmart by 2.5% in the fourth 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 in the last quarter. Finally, Orion Portfolio Solutions LLC lifted its holdings in shares of CubeSmart by 0.7% in the fourth quarter. Orion Portfolio Solutions LLC now owns 50,534 shares of the real estate investment trust's stock worth $2,165,000 after buying an additional 370 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Price Performance

Shares of CUBE traded down $0.13 during mid-day trading on Thursday, hitting $42.33. 1,541,765 shares of the stock were exchanged, compared to its average volume of 1,563,983. The company has a market cap of $9.65 billion, a PE ratio of 25.05, a price-to-earnings-growth ratio of 7.83 and a beta of 0.96. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The firm has a 50-day moving average of $42.65 and a two-hundred day moving average of $41.67. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.07 and a current ratio of 0.07.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The company's revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. On average, equities 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. Shareholders of record on Tuesday, July 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Barclays lowered their target price on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Mizuho increased their price target on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Evercore ISI increased their price target on shares of CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a research report on Friday, May 2nd. BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and increased their price target for the company from $48.00 to $49.00 in a research report on Friday, June 20th. Finally, Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and raised their target price for the stock from $44.00 to $50.00 in a report on Tuesday, May 13th. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $47.38.

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.