CubeSmart (NYSE:CUBE) Stock Holdings Lowered by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in CubeSmart (NYSE:CUBEFree Report) by 31.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 605,517 shares of the real estate investment trust’s stock after selling 275,800 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.27% of CubeSmart worth $27,381,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new stake in shares of CubeSmart during the fourth quarter valued at approximately $444,818,000. Allspring Global Investments Holdings LLC raised its holdings in shares of CubeSmart by 0.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,850,149 shares of the real estate investment trust’s stock valued at $174,104,000 after acquiring an additional 11,233 shares during the period. Truist Financial Corp raised its holdings in shares of CubeSmart by 14.5% during the fourth quarter. Truist Financial Corp now owns 3,516,173 shares of the real estate investment trust’s stock valued at $162,975,000 after acquiring an additional 445,228 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of CubeSmart by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,230,215 shares of the real estate investment trust’s stock valued at $149,726,000 after acquiring an additional 22,105 shares during the period. Finally, Deutsche Bank AG raised its holdings in shares of CubeSmart by 1,915.7% during the third quarter. Deutsche Bank AG now owns 3,058,193 shares of the real estate investment trust’s stock valued at $116,609,000 after acquiring an additional 2,906,478 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Performance

CUBE stock opened at $44.67 on Tuesday. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 7.70 and a beta of 0.80. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The firm has a 50 day moving average of $43.22 and a two-hundred day moving average of $43.90.

CubeSmart (NYSE:CUBEGet Free Report) last posted its quarterly earnings data 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 firm had revenue of $261.41 million for the quarter, compared to the consensus estimate of $253.91 million. CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. CubeSmart’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 earnings per share. As a group, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 4.57%. The ex-dividend date of this dividend is Monday, July 1st. CubeSmart’s dividend payout ratio is currently 113.33%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CUBE. Barclays began coverage on shares of CubeSmart in a report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price target on the stock. Wells Fargo & Company upped their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, April 5th. BMO Capital Markets lowered shares of 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 note on Wednesday, May 29th. Finally, Raymond James reiterated an “outperform” rating and issued a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.00.

Read Our Latest Analysis on CubeSmart

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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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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