PNC Financial Services Group Inc. Trims Stock Holdings in CubeSmart (NYSE:CUBE)

PNC Financial Services Group Inc. trimmed its position in CubeSmart (NYSE:CUBEFree Report) by 11.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,085 shares of the real estate investment trust’s stock after selling 1,509 shares during the period. PNC Financial Services Group Inc.’s holdings in CubeSmart were worth $560,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Albion Financial Group UT grew its stake in CubeSmart by 0.3% in the fourth quarter. Albion Financial Group UT now owns 79,508 shares of the real estate investment trust’s stock worth $3,685,000 after purchasing an additional 254 shares during the period. Toronto Dominion Bank grew its stake in shares of CubeSmart by 1.2% in the third quarter. Toronto Dominion Bank now owns 24,631 shares of the real estate investment trust’s stock worth $939,000 after acquiring an additional 281 shares during the last quarter. Signaturefd LLC grew its stake in shares of CubeSmart by 72.5% in the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 292 shares during the last quarter. HHM Wealth Advisors LLC grew its stake in shares of CubeSmart by 53.1% in the fourth quarter. HHM Wealth Advisors LLC now owns 1,035 shares of the real estate investment trust’s stock worth $48,000 after acquiring an additional 359 shares during the last quarter. Finally, IFG Advisory LLC grew its stake in shares of CubeSmart by 4.5% in the fourth quarter. IFG Advisory LLC now owns 8,662 shares of the real estate investment trust’s stock worth $402,000 after acquiring an additional 372 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CUBE. Evercore ISI increased their target price on CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. Barclays began coverage on CubeSmart in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price on the stock. Raymond James reissued an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a research note on Thursday, March 28th. Wells Fargo & Company increased their price objective on CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, April 5th. Finally, BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $50.00 to $47.00 in a research report on Wednesday. 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $46.17.

Get Our Latest Stock Report on CUBE

CubeSmart Stock Up 2.4 %

NYSE CUBE opened at $42.31 on Friday. The stock’s 50-day moving average price is $42.88 and its 200-day moving average price is $43.38. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 52 week low of $33.17 and a 52 week high of $47.81. The company has a market capitalization of $9.52 billion, a P/E ratio of 23.51, a price-to-earnings-growth ratio of 5.15 and a beta of 0.72.

CubeSmart (NYSE:CUBEGet Free Report) last posted its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The company had revenue of $261.41 million during the quarter, compared to the consensus estimate of $253.91 million. During the same period last year, the business earned $0.65 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 4.82%. The ex-dividend date of this dividend is Friday, June 28th. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

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.

See Also

Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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