Victory Capital Management Inc. lifted its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 580,530 shares of the real estate investment trust's stock after buying an additional 36,807 shares during the quarter. Victory Capital Management Inc. owned about 0.25% of CubeSmart worth $24,794,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Allworth Financial LP boosted its stake in CubeSmart by 115.2% during the 1st quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 501 shares during the last quarter. Huntington National Bank boosted its stake in CubeSmart by 307.0% during the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock worth $52,000 after acquiring an additional 915 shares during the last quarter. Quantbot Technologies LP bought a new position in CubeSmart during the 4th quarter worth approximately $58,000. Farther Finance Advisors LLC boosted its stake in CubeSmart by 446.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock worth $76,000 after acquiring an additional 1,468 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in CubeSmart by 103.5% during the 1st quarter. UMB Bank n.a. now owns 1,917 shares of the real estate investment trust's stock worth $82,000 after acquiring an additional 975 shares during the last quarter. Institutional investors own 97.61% of the company's stock.
CubeSmart Price Performance
Shares of NYSE CUBE traded down $0.11 during midday trading on Friday, hitting $41.34. 143,052 shares of the company's stock were exchanged, compared to its average volume of 1,777,155. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 7.63 and a beta of 0.96. The business's fifty day moving average price is $42.46 and its two-hundred day moving average price is $41.59.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The firm's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 earnings per share. As a group, research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.
CubeSmart Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date of this dividend was Tuesday, July 1st. CubeSmart's dividend payout ratio is 123.08%.
Analyst Ratings Changes
A number of brokerages have weighed in on CUBE. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Scotiabank lifted their price target on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. BNP Paribas raised shares of CubeSmart to a "hold" rating in a research report on Tuesday, June 24th. Truist Financial upped their price target on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Finally, Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and upped their price target for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $47.20.
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CubeSmart Company Profile
(
Free Report)
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.
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