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

Truist Financial Corp cut its stake in CubeSmart (NYSE:CUBE - Free Report) by 3.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 679,995 shares of the real estate investment trust's stock after selling 26,964 shares during the period. Truist Financial Corp owned approximately 0.30% of CubeSmart worth $29,043,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CUBE. Vanguard Group Inc. increased its position in shares of CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after buying an additional 85,609 shares in the last quarter. Norges Bank acquired a new stake in CubeSmart in the 4th quarter valued at about $408,064,000. T. Rowe Price Investment Management Inc. increased its holdings in CubeSmart by 27.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock valued at $288,259,000 after acquiring an additional 1,464,331 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position 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 acquiring an additional 72,513 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after acquiring an additional 352,754 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Scotiabank increased their price target on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Barclays lowered their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Evercore ISI boosted their price target on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Truist Financial upped their price objective on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, Mizuho increased their price objective on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $47.38.

CubeSmart Stock Up 1.1%

Shares of CUBE opened at $43.51 on Monday. The firm has a market cap of $9.92 billion, a PE ratio of 25.75, a price-to-earnings-growth ratio of 7.97 and a beta of 0.96. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17. The company's fifty day moving average is $42.49 and its two-hundred day moving average is $41.66. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. The firm had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. CubeSmart's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 earnings per share. 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 Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.78%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.