Valley Wealth Managers Inc. Acquires 598,704 Shares of CubeSmart $CUBE

Key Points

• Valley Wealth Managers acquired 598,704 CubeSmart shares worth approximately $22.5 million, representing about 0.27% of the self-storage REIT. Institutional investors collectively own 97.61% of the company.
• CubeSmart reported quarterly EPS of $0.39, missing the $0.64 analyst consensus, while revenue rose 1.5% year over year to $286.49 million.
• CubeSmart declared a quarterly dividend of $0.53 per share, or $2.12 annualized, providing a 5.6% yield. Analysts’ average rating is “Hold,” with an average price target of $43.18.

Valley Wealth Managers Inc. acquired a new position in shares of CubeSmart (NYSE:CUBE - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 598,704 shares of the real estate investment trust's stock, valued at approximately $22,499,000. Valley Wealth Managers Inc. owned about 0.27% of CubeSmart as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in CubeSmart in the second quarter valued at approximately $1,349,164,000. Canada Pension Plan Investment Board purchased a new position in shares of CubeSmart during the second quarter worth approximately $288,512,000. Dimensional Fund Advisors LP grew its position in shares of CubeSmart by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,354,921 shares of the real estate investment trust's stock worth $122,953,000 after acquiring an additional 48,268 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of CubeSmart in the 2nd quarter valued at $74,199,000. Finally, Hsbc Holdings PLC increased its holdings in shares of CubeSmart by 73.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,726,419 shares of the real estate investment trust's stock valued at $62,260,000 after acquiring an additional 731,883 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Trading Up 1.1%

Shares of CubeSmart stock opened at $37.92 on Friday. The firm has a market cap of $8.54 billion, a price-to-earnings ratio of 26.15, a price-to-earnings-growth ratio of 6.34 and a beta of 1.05. CubeSmart has a 52-week low of $35.09 and a 52-week high of $43.26. The company's 50-day simple moving average is $39.70 and its 200-day simple moving average is $39.80. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.34.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The real estate investment trust reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.25). CubeSmart had a net margin of 29.41% and a return on equity of 12.35%. The business had revenue of $286.49 million during the quarter, compared to analysts' expectations of $281.12 million. During the same period in the prior year, the firm posted $0.65 EPS. CubeSmart's revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, equities research analysts anticipate that CubeSmart will post 2.57 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.12 dividend on an annualized basis and a yield of 5.6%. CubeSmart's dividend payout ratio (DPR) is 146.21%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. UBS Group raised their price objective on shares of CubeSmart from $41.00 to $43.00 and gave the stock a "neutral" rating in a research report on Friday, July 10th. Truist Financial initiated coverage on CubeSmart in a research report on Friday, October 2nd. They issued a "buy" rating and a $41.00 price target on the stock. Mizuho decreased their price objective on CubeSmart from $42.00 to $41.00 and set a "neutral" rating for the company in a research report on Wednesday, September 2nd. Barclays upgraded CubeSmart from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $45.00 to $46.00 in a research note on Friday, July 10th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of CubeSmart in a research note on Wednesday, July 15th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $43.18.

CubeSmart Profile

CubeSmart NYSE: CUBE is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. Its properties provide individuals and businesses with space to store household goods, personal belongings, business inventory, records, vehicles and other items.

The company offers a range of unit sizes and storage solutions, generally through traditional drive-up and climate-controlled facilities. Many locations also provide features such as electronic access, online rentals and payments, moving and packing supplies, and vehicle storage.

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