Nomura Holdings Inc. purchased a new stake in CubeSmart (NYSE:CUBE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 54,569 shares of the real estate investment trust's stock, valued at approximately $2,338,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Blue Trust Inc. lifted its position in shares of CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after buying an additional 289 shares during the last quarter. Jones Financial Companies Lllp increased its stake in CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 389 shares during the period. SRS Capital Advisors Inc. increased its stake in CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 559 shares during the period. UMB Bank n.a. increased its stake in CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock valued at $40,000 after buying an additional 351 shares during the period. Finally, Huntington National Bank increased 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 valued at $52,000 after buying an additional 915 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.
Wall Street Analysts Forecast Growth
CUBE has been the topic of several analyst reports. Wolfe Research initiated coverage on shares of CubeSmart in a research report on Monday. They issued an "outperform" rating and a $48.00 target price on the stock. Evercore ISI lifted their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Truist Financial lifted their target price on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday. Royal Bank of Canada decreased their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Finally, KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $47.07.
Read Our Latest Analysis on CUBE
CubeSmart Stock Performance
Shares of NYSE CUBE traded down $0.16 during trading hours on Tuesday, hitting $43.42. 2,245,445 shares of the stock were exchanged, compared to its average volume of 1,487,721. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company's 50 day moving average is $40.66 and its 200 day moving average is $42.88. The firm has a market capitalization of $9.90 billion, a P/E ratio of 24.53, a P/E/G ratio of 11.58 and a beta of 1.00. CubeSmart has a one year low of $34.24 and a one year high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. CubeSmart's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 EPS. On average, research analysts expect that CubeSmart will post 2.64 EPS for the current year.
CubeSmart Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.79%. CubeSmart's payout ratio is currently 123.08%.
About CubeSmart
(
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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