Bank of America Corp DE Cuts Stock Position in CubeSmart (NYSE:CUBE)

Bank of America Corp DE lessened its holdings in CubeSmart (NYSE:CUBE) by 9.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,001,969 shares of the real estate investment trust’s stock after selling 108,896 shares during the period. Bank of America Corp DE’s holdings in CubeSmart were worth $42,934,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CUBE. Blue Trust Inc. grew its position in shares of CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of CubeSmart by 134.1% during the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 389 shares in the last quarter. SRS Capital Advisors Inc. grew its position in shares of CubeSmart by 310.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 559 shares in the last quarter. UMB Bank n.a. grew its position in shares of CubeSmart by 59.4% during the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 351 shares in the last quarter. Finally, Huntington National Bank grew its position in shares of CubeSmart by 307.0% during the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 915 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CUBE shares. Bank of America upgraded CubeSmart from a “neutral” rating to a “buy” rating and raised their price objective for the company from $44.00 to $50.00 in a research report on Tuesday. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and cut their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Mizuho started coverage on CubeSmart in a research report on Wednesday, April 9th. They set a “neutral” rating and a $39.00 price objective for the company. Scotiabank raised their price objective on CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Monday. Finally, Wells Fargo & Company lowered their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $47.00.

CubeSmart Stock Down 0.8%

Shares of NYSE:CUBE opened at $42.31 on Thursday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a 50-day moving average price of $40.59 and a 200 day moving average price of $43.04. The company has a market cap of $9.64 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 11.58 and a beta of 1.00.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. During the same quarter in the previous year, the business earned $0.64 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.92%. CubeSmart’s dividend payout ratio (DPR) is presently 123.08%.

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.