Sumitomo Mitsui Trust Group Inc. Has $34.53 Million Holdings in CubeSmart (NYSE:CUBE)

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of CubeSmart (NYSE:CUBE) by 140.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 808,440 shares of the real estate investment trust’s stock after acquiring an additional 472,596 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in CubeSmart were worth $34,528,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in CubeSmart by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock worth $1,350,080,000 after purchasing an additional 85,609 shares during the period. Norges Bank acquired a new stake in shares of CubeSmart in the fourth quarter worth $408,064,000. T. Rowe Price Investment Management Inc. boosted its holdings in shares of CubeSmart by 27.8% during the 4th 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 period. Allspring Global Investments Holdings LLC grew its stake in CubeSmart by 1.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust’s stock valued at $212,886,000 after buying an additional 72,513 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after acquiring an additional 352,754 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

NYSE CUBE opened at $43.02 on Thursday. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. The company has a 50 day moving average of $42.34 and a 200-day moving average of $41.70. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. The firm has a market cap of $9.81 billion, a price-to-earnings ratio of 25.46, a PEG ratio of 7.83 and a beta of 0.96.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The business had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. During the same period in the prior year, the company earned $0.64 EPS. CubeSmart’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.83%. CubeSmart’s dividend payout ratio (DPR) is presently 123.08%.

Analyst Upgrades and Downgrades

CUBE has been the topic of several research analyst reports. Barclays lowered their price target on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Friday, May 16th. BNP Paribas Exane began coverage on shares of CubeSmart in a report on Tuesday, June 24th. They issued a “neutral” rating and a $46.00 price target for the company. Mizuho raised their price target on shares of CubeSmart from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Bank of America raised shares of CubeSmart from a “neutral” rating to a “buy” rating and upped their price objective for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Finally, KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and a consensus price target of $47.38.

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.