Amalgamated Bank Sells 4,147 Shares of CubeSmart (NYSE:CUBE)

Amalgamated Bank lowered its stake in shares of CubeSmart (NYSE:CUBE) by 3.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 103,599 shares of the real estate investment trust’s stock after selling 4,147 shares during the period. Amalgamated Bank’s holdings in CubeSmart were worth $4,425,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Bank of Montreal Can raised its holdings in CubeSmart by 19.7% in the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock valued at $3,021,000 after acquiring an additional 11,608 shares in the last quarter. Norges Bank bought a new stake in shares of CubeSmart during the fourth quarter valued at approximately $408,064,000. Raymond James Financial Inc. acquired a new position in shares of CubeSmart in the fourth quarter valued at $21,278,000. LPL Financial LLC raised its stake in shares of CubeSmart by 19.2% in the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock valued at $4,654,000 after purchasing an additional 17,518 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in CubeSmart by 1.5% in the first 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. Institutional investors own 97.61% of the company’s stock.

Analysts Set New Price Targets

CUBE has been the topic of several analyst reports. Scotiabank boosted their price target on shares of CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Monday, May 12th. BNP Paribas raised shares of CubeSmart to a “hold” rating in a research note on Tuesday, June 24th. Truist Financial raised their price target on shares of CubeSmart from $47.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. Mizuho lifted their price objective on CubeSmart from $39.00 to $43.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Finally, BMO Capital Markets raised CubeSmart from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $48.00 to $49.00 in a report on Friday, June 20th. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $47.38.

CubeSmart Stock Performance

Shares of CubeSmart stock opened at $43.02 on Thursday. The stock’s fifty day simple moving average is $42.34 and its 200 day simple moving average is $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 company has a market capitalization of $9.81 billion, a PE ratio of 25.46, a PEG ratio of 7.83 and a beta of 0.96. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $268.16 million. During the same quarter in the previous year, the business posted $0.64 EPS. CubeSmart’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The business 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 $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date is Tuesday, July 1st. CubeSmart’s 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.