US Bancorp DE Decreases Holdings in CubeSmart (NYSE:CUBE)

US Bancorp DE decreased its position in shares of CubeSmart (NYSE:CUBE) by 12.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

Several other institutional investors have also modified their holdings of the company. Bank of Montreal Can lifted its stake in shares of CubeSmart by 19.7% during the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock worth $3,021,000 after purchasing an additional 11,608 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of CubeSmart by 140.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust’s stock worth $34,528,000 after purchasing an additional 472,596 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of CubeSmart during the 1st quarter worth $821,000. Allspring Global Investments Holdings LLC lifted its stake in shares of CubeSmart by 1.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust’s stock worth $212,886,000 after purchasing an additional 72,513 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of CubeSmart by 4,739.3% during the 1st quarter. GAMMA Investing LLC now owns 93,108 shares of the real estate investment trust’s stock worth $3,977,000 after purchasing an additional 91,184 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of CubeSmart stock opened at $38.84 on Wednesday. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 8.62 and a beta of 0.94. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. The firm’s 50-day moving average price is $41.81 and its two-hundred day moving average price is $41.49.

CubeSmart (NYSE:CUBE) last announced its 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 net margin of 35.44% and a return on equity of 13.12%. The company had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. During the same period in the prior year, the business earned $0.64 earnings per share. CubeSmart’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a $0.52 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $2.08 annualized dividend and a yield of 5.4%. CubeSmart’s dividend payout ratio (DPR) is 126.83%.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of recent analyst reports. Evercore ISI reduced their price target on CubeSmart from $48.00 to $47.00 and set an “in-line” rating on the stock in a research note on Monday, August 4th. Barclays cut their target price on CubeSmart from $48.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Friday, August 8th. BNP Paribas raised CubeSmart to a “hold” rating in a research report on Tuesday, June 24th. Wolfe Research initiated coverage on CubeSmart in a research report on Monday, May 19th. They issued an “outperform” rating and a $48.00 target price on the stock. Finally, Scotiabank increased their target price on CubeSmart from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Monday, May 12th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, CubeSmart has an average rating of “Hold” and an average target price of $46.93.

CubeSmart 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.