Price T Rowe Associates Inc. MD Buys 1,205,097 Shares of CubeSmart (NYSE:CUBE)

Price T Rowe Associates Inc. MD raised its stake in shares of CubeSmart (NYSE:CUBE) by 26.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,687,536 shares of the real estate investment trust’s stock after acquiring an additional 1,205,097 shares during the period. Price T Rowe Associates Inc. MD owned approximately 2.53% of CubeSmart worth $257,191,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CUBE. Vanguard Group Inc. lifted its stake in shares of CubeSmart by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock worth $1,443,316,000 after purchasing an additional 274,493 shares during the period. Norges Bank bought a new position in shares of CubeSmart in the 4th quarter worth approximately $444,818,000. Allspring Global Investments Holdings LLC lifted its stake in shares of CubeSmart by 0.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,850,149 shares of the real estate investment trust’s stock worth $174,104,000 after purchasing an additional 11,233 shares during the period. Truist Financial Corp raised its stake in CubeSmart by 14.5% during the 4th quarter. Truist Financial Corp now owns 3,516,173 shares of the real estate investment trust’s stock worth $162,975,000 after acquiring an additional 445,228 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in CubeSmart by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,230,215 shares of the real estate investment trust’s stock worth $149,726,000 after acquiring an additional 22,105 shares during the period. Institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of CUBE stock traded up $0.63 on Friday, reaching $47.64. The company’s stock had a trading volume of 1,357,144 shares, compared to its average volume of 1,079,267. The stock’s fifty day simple moving average is $44.61 and its 200-day simple moving average is $43.99. CubeSmart has a 1 year low of $33.17 and a 1 year high of $49.58. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $10.72 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 8.24 and a beta of 0.80.

CubeSmart (NYSE:CUBE) last posted its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The business had revenue of $261.41 million during the quarter, compared to analysts’ expectations of $253.91 million. During the same period last year, the business posted $0.65 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. 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, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. Wells Fargo & Company raised their target price on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday. Raymond James raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Evercore ISI increased their price objective on shares of CubeSmart from $44.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.36.

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.