Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Holdings in CubeSmart (NYSE:CUBE)

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in CubeSmart (NYSE:CUBE) by 5.5% in the second quarter, Holdings Channel.com reports. The firm owned 40,256 shares of the real estate investment trust’s stock after acquiring an additional 2,088 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in CubeSmart were worth $1,818,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Twin Tree Management LP grew its holdings in CubeSmart by 29,720.5% in the 1st quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock valued at $526,000 after buying an additional 11,591 shares in the last quarter. Evoke Wealth LLC acquired a new stake in CubeSmart during the fourth quarter worth about $1,604,000. Natixis Advisors L.P. raised its stake in CubeSmart by 35.0% during the fourth quarter. Natixis Advisors L.P. now owns 79,993 shares of the real estate investment trust’s stock worth $3,707,000 after purchasing an additional 20,729 shares during the period. New York Life Investment Management LLC acquired a new position in CubeSmart in the 4th quarter valued at about $1,180,000. Finally, Tidal Investments LLC grew its stake in shares of CubeSmart by 32.6% in the 1st quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock valued at $4,040,000 after buying an additional 21,967 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE stock opened at $51.83 on Friday. The firm has a 50 day moving average of $47.64 and a two-hundred day moving average of $44.82. The stock has a market capitalization of $11.67 billion, a PE ratio of 28.79, a P/E/G ratio of 9.47 and a beta of 0.80. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. CubeSmart has a 52 week low of $33.17 and a 52 week high of $51.98.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.66 earnings per share. On average, research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company 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. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a yield of 3.94%. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Wall Street Analysts Forecast Growth

CUBE has been the topic of several analyst reports. Raymond James lifted their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Scotiabank began coverage on CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target on the stock. Truist Financial raised their price objective on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. Finally, Evercore ISI lifted their price target on shares of CubeSmart from $51.00 to $52.00 and gave the company an “in-line” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and an average target price of $48.73.

Insiders Place Their Bets

In other news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock worth $4,244,344 in the last 90 days. Corporate insiders own 1.68% of the company’s stock.

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.