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

PNC Financial Services Group Inc. lessened its position in shares of CubeSmart (NYSE:CUBE) by 4.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,066 shares of the real estate investment trust’s stock after selling 554 shares during the quarter. PNC Financial Services Group Inc.’s holdings in CubeSmart were worth $473,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its stake in CubeSmart by 7.4% during the first quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust’s stock worth $158,000 after acquiring an additional 255 shares during the last quarter. Cerity Partners LLC grew its holdings in shares of CubeSmart by 6.2% during the 1st 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 period. Mariner LLC grew its holdings 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 worth $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 worth $83,000 after purchasing an additional 371 shares during the last quarter. Finally, EP Wealth Advisors LLC raised its holdings in CubeSmart by 4.4% in 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 buying an additional 387 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CUBE has been the subject of several research analyst reports. Scotiabank increased their target price on shares of CubeSmart from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Monday, May 12th. Royal Bank Of Canada lowered their price objective on shares of CubeSmart from $48.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, August 4th. Bank of America upgraded shares of CubeSmart from a “neutral” rating to a “buy” rating and lifted their target price for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. Mizuho upped their price target on CubeSmart from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Finally, BMO Capital Markets upgraded CubeSmart from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $48.00 to $49.00 in a research report on Friday, June 20th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, CubeSmart has a consensus rating of “Hold” and a consensus target price of $46.93.

CubeSmart Trading Up 1.7%

CUBE opened at $39.52 on Thursday. The business has a fifty day moving average price of $41.74 and a 200 day moving average price of $41.48. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of 24.10, a PEG ratio of 8.65 and a beta of 0.94.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $0.65 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 business 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 company posted $0.64 earnings per share. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. Sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Wednesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is presently 126.83%.

CubeSmart Company Profile

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.