Covestor Ltd Buys 278 Shares of CubeSmart (NYSE:CUBE)

Covestor Ltd raised its stake in shares of CubeSmart (NYSE:CUBE) by 11.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 2,637 shares of the real estate investment trust’s stock after buying an additional 278 shares during the quarter. Covestor Ltd’s holdings in CubeSmart were worth $119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CUBE. Vanguard Group Inc. boosted its stake in shares of CubeSmart by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock worth $1,443,316,000 after acquiring an additional 274,493 shares during the last quarter. Norges Bank purchased a new position in shares of CubeSmart during the 4th quarter valued at about $444,818,000. Allspring Global Investments Holdings LLC raised its stake in CubeSmart by 0.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,850,149 shares of the real estate investment trust’s stock worth $174,104,000 after acquiring an additional 11,233 shares during the period. Truist Financial Corp raised its stake in CubeSmart by 14.5% during the 4th quarter. Truist Financial Corp now owns 3,516,173 shares of the real estate investment trust’s stock worth $162,975,000 after acquiring an additional 445,228 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of CubeSmart by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,230,215 shares of the real estate investment trust’s stock worth $149,726,000 after purchasing an additional 22,105 shares during the period. 97.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CUBE has been the topic of a number of recent analyst reports. BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Raymond James boosted their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday. Barclays initiated coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price objective on the stock. Evercore ISI upped their target price on shares of CubeSmart from $44.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Finally, Wells Fargo & Company lifted their price target on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.18.

CubeSmart Trading Down 0.5 %

Shares of CUBE stock traded down $0.24 during trading hours on Tuesday, reaching $48.08. 333,842 shares of the stock were exchanged, compared to its average volume of 1,367,609. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 12-month low of $33.17 and a 12-month high of $49.58. The firm has a market capitalization of $10.82 billion, a price-to-earnings ratio of 26.87, a price-to-earnings-growth ratio of 8.29 and a beta of 0.80. The company’s 50-day moving average price is $44.28 and its 200-day moving average price is $43.93.

CubeSmart (NYSE:CUBE) last announced its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.22). The business had revenue of $261.41 million for the quarter, compared to analysts’ expectations of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. As a group, equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.24%. The ex-dividend date of this dividend was Monday, July 1st. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

CubeSmart Company 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.