Allworth Financial LP Has $37,000 Position in CubeSmart (NYSE:CUBE)

Allworth Financial LP lifted its position in shares of CubeSmart (NYSE:CUBEFree Report) by 115.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 936 shares of the real estate investment trust’s stock after buying an additional 501 shares during the quarter. Allworth Financial LP’s holdings in CubeSmart were worth $37,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of CubeSmart during the fourth quarter worth $408,064,000. Capital World Investors lifted its position in shares of CubeSmart by 184.5% during the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust’s stock worth $126,161,000 after buying an additional 1,909,496 shares in the last quarter. Alyeska Investment Group L.P. grew its position in CubeSmart by 219.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust’s stock valued at $110,323,000 after buying an additional 1,768,626 shares during the period. T. Rowe Price Investment Management Inc. increased its position in CubeSmart by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust’s stock worth $288,259,000 after buying an additional 1,464,331 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of CubeSmart by 46.6% in the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust’s stock worth $161,067,000 after purchasing an additional 1,195,246 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Up 0.5%

CUBE stock opened at $41.06 on Friday. The company has a market capitalization of $9.36 billion, a PE ratio of 24.30, a P/E/G ratio of 7.50 and a beta of 0.96. The firm’s 50-day moving average is $42.56 and its 200 day moving average is $41.61. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07.

CubeSmart (NYSE:CUBEGet Free Report) last announced its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. The firm had revenue of $273.04 million during the quarter, compared to analysts’ expectations of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The company’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. On average, research analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.07%. CubeSmart’s dividend payout ratio (DPR) is currently 123.08%.

Analysts Set New Price Targets

Several research firms recently commented on CUBE. Truist Financial boosted their target price on CubeSmart from $47.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, May 19th. Wolfe Research assumed coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an “outperform” rating and a $48.00 price target for the company. Bank of America upgraded CubeSmart from a “neutral” rating to a “buy” rating and raised their price target for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. BMO Capital Markets raised shares of CubeSmart from a “market perform” rating to an “outperform” rating and raised their price target for the company from $48.00 to $49.00 in a report on Friday, June 20th. Finally, Scotiabank boosted their price target on CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Monday, May 12th. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, CubeSmart has a consensus rating of “Hold” and an average target price of $47.38.

Get Our Latest Stock Report on CubeSmart

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.

See Also

Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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