Naples Global Advisors LLC Has $1.11 Million Stock Holdings in CubeSmart (NYSE:CUBE)

Naples Global Advisors LLC decreased its position in shares of CubeSmart (NYSE:CUBE) by 1.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 25,960 shares of the real estate investment trust’s stock after selling 375 shares during the period. Naples Global Advisors LLC’s holdings in CubeSmart were worth $1,109,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Bank of Montreal Can boosted its position 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 acquiring an additional 11,608 shares in the last quarter. Norges Bank acquired a new position in shares of CubeSmart during the fourth quarter worth $408,064,000. Raymond James Financial Inc. acquired a new position in shares of CubeSmart during the fourth quarter worth $21,278,000. LPL Financial LLC increased its holdings in shares of CubeSmart by 19.2% during the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock worth $4,654,000 after buying an additional 17,518 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after buying an additional 352,754 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

CUBE has been the subject of several research analyst reports. Evercore ISI upped their price target on shares of CubeSmart from $44.00 to $47.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. Mizuho upped their price target on shares of CubeSmart from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, May 28th. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Bank of America upgraded shares of CubeSmart from a “neutral” rating to a “buy” rating and upped their price target for the stock from $44.00 to $50.00 in a report on Tuesday, May 13th. Finally, Wolfe Research started coverage on shares of CubeSmart in a report on Monday, May 19th. They set an “outperform” rating and a $48.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, CubeSmart has a consensus rating of “Hold” and a consensus price target of $47.36.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $42.67 on Friday. The firm has a market cap of $9.73 billion, a PE ratio of 24.10, a price-to-earnings-growth ratio of 11.58 and a beta of 0.98. The firm’s fifty day moving average is $40.78 and its 200-day moving average is $42.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14.

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

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date is Tuesday, July 1st. CubeSmart’s dividend payout ratio is presently 123.08%.

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.