Price T Rowe Associates Inc. MD Raises Stake in CubeSmart (NYSE:CUBE)

Price T Rowe Associates Inc. MD raised its stake in CubeSmart (NYSE:CUBE) by 26.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,687,536 shares of the real estate investment trust’s stock after buying an additional 1,205,097 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in CubeSmart were worth $257,191,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in CubeSmart by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock valued at $1,443,316,000 after buying an additional 274,493 shares in the last quarter. Norges Bank purchased a new position in shares of CubeSmart during the 4th quarter worth $444,818,000. Allspring Global Investments Holdings LLC grew its holdings in shares of 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 purchasing an additional 11,233 shares during the period. Truist Financial Corp grew its holdings in shares of 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 purchasing an additional 445,228 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of CubeSmart by 0.7% during the 4th 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 currently owned by hedge funds and other institutional investors.

CubeSmart Stock Up 1.3 %

CUBE stock traded up $0.63 during mid-day trading on Friday, reaching $47.64. The company had a trading volume of 1,357,144 shares, compared to its average volume of 1,079,267. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The company has a market capitalization of $10.72 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 8.24 and a beta of 0.80. The firm has a fifty day simple moving average of $44.61 and a 200 day simple moving average of $43.99. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $49.58.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). The company had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. CubeSmart’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.65 EPS. Analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio is currently 113.33%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CUBE shares. BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. Raymond James increased their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Wells Fargo & Company increased their price target on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Evercore ISI increased their target price on CubeSmart from $44.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $46.36.

CubeSmart 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.