BNP Paribas Financial Markets Raises Stake in CubeSmart (NYSE:CUBE)

BNP Paribas Financial Markets raised its position in CubeSmart (NYSE:CUBEFree Report) by 12.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 147,029 shares of the real estate investment trust’s stock after acquiring an additional 16,074 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.07% of CubeSmart worth $6,649,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CUBE. Rise Advisors LLC purchased a new stake in shares of CubeSmart during the 1st quarter worth approximately $26,000. Mather Group LLC. purchased a new stake in shares of CubeSmart during the 1st quarter worth approximately $26,000. GAMMA Investing LLC purchased a new stake in shares of CubeSmart during the 4th quarter worth approximately $28,000. Signaturefd LLC lifted its position in shares of CubeSmart by 72.5% during the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 292 shares during the last quarter. Finally, Ceredex Value Advisors LLC purchased a new stake in shares of CubeSmart during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $44.13 on Thursday. The firm has a market capitalization of $9.93 billion, a P/E ratio of 24.52, a PEG ratio of 7.71 and a beta of 0.80. CubeSmart has a one year low of $33.17 and a one year high of $47.81. The company’s fifty day moving average is $43.36 and its two-hundred day moving average is $43.89. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04.

CubeSmart (NYSE:CUBEGet Free Report) last issued its earnings results 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). The company had revenue of $261.41 million for the quarter, compared to analysts’ expectations of $253.91 million. CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. CubeSmart’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 earnings per share. Analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be given a dividend of $0.51 per share. The ex-dividend date is Monday, July 1st. This represents a $2.04 annualized dividend and a dividend yield of 4.62%. CubeSmart’s payout ratio is currently 113.33%.

Analyst Upgrades and Downgrades

CUBE has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, April 5th. BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Barclays began 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 for the company. Finally, Raymond James reaffirmed an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, CubeSmart has a consensus rating of “Hold” and an average price target of $46.00.

View Our Latest Stock Report on CUBE

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.

Further Reading

Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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