US Bancorp DE Reduces Stake in CubeSmart (NYSE:CUBE)

US Bancorp DE lowered its holdings in CubeSmart (NYSE:CUBE) by 12.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 11,007 shares of the real estate investment trust’s stock after selling 1,602 shares during the quarter. US Bancorp DE’s holdings in CubeSmart were worth $470,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bessemer Group Inc. boosted its position in shares of CubeSmart by 7.4% during the first quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 255 shares during the last quarter. Cerity Partners LLC boosted its position in CubeSmart by 6.2% in the first quarter. Cerity Partners LLC now owns 5,375 shares of the real estate investment trust’s stock worth $230,000 after purchasing an additional 316 shares during the last quarter. Mariner LLC grew its stake in shares of CubeSmart by 2.5% during the 4th quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust’s stock valued at $585,000 after purchasing an additional 328 shares during the period. CWM LLC increased its position in shares of CubeSmart by 23.5% during the 1st quarter. CWM LLC now owns 1,950 shares of the real estate investment trust’s stock valued at $83,000 after purchasing an additional 371 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its position in shares of CubeSmart by 4.4% during the 4th quarter. EP Wealth Advisors LLC now owns 9,127 shares of the real estate investment trust’s stock valued at $391,000 after purchasing an additional 387 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 0.3%

NYSE:CUBE opened at $38.84 on Wednesday. The firm has a market cap of $8.86 billion, a PE ratio of 23.68, a price-to-earnings-growth ratio of 8.62 and a beta of 0.94. The stock has a fifty day moving average price of $41.81 and a 200 day moving average price of $41.49. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The company had revenue of $282.30 million during the quarter, compared to the consensus estimate of $275.71 million. During the same period in the previous year, the business earned $0.64 EPS. CubeSmart’s revenue for the quarter was up 6.0% on a year-over-year basis. Sell-side analysts anticipate 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 Wednesday, October 15th. Investors of record on Wednesday, October 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.4%. The ex-dividend date is Wednesday, October 1st. CubeSmart’s payout ratio is 126.83%.

Wall Street Analyst Weigh In

Several research firms have recently commented on CUBE. Bank of America raised shares of CubeSmart from a “neutral” rating to a “buy” rating and upped their price target for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Truist Financial upped their price target on shares of CubeSmart from $47.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, May 19th. BNP Paribas Exane assumed coverage on CubeSmart in a research note on Tuesday, June 24th. They issued a “neutral” rating and a $46.00 price objective on the stock. Mizuho raised their price objective on CubeSmart from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Finally, Barclays decreased their price objective on CubeSmart from $48.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Friday, August 8th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, CubeSmart currently has an average rating of “Hold” and an average price target of $46.93.

About CubeSmart

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.