Envestnet Portfolio Solutions Inc. Has $937,000 Position in CubeSmart (NYSE:CUBE)

Envestnet Portfolio Solutions Inc. lifted its position in shares of CubeSmart (NYSE:CUBE) by 2.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,861 shares of the real estate investment trust’s stock after purchasing an additional 601 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in CubeSmart were worth $937,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new position in shares of CubeSmart during the 4th quarter worth about $21,278,000. Oak Thistle LLC grew its stake in CubeSmart by 232.9% in the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after buying an additional 22,582 shares during the last quarter. Entropy Technologies LP acquired a new position in CubeSmart in the 4th quarter valued at about $445,000. BNP Paribas Financial Markets grew its stake in CubeSmart by 32.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock valued at $8,531,000 after buying an additional 39,270 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in CubeSmart by 13.1% in the 3rd quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock valued at $15,950,000 after buying an additional 36,919 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on CUBE. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and decreased their price target for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Wells Fargo & Company decreased their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Barclays decreased their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Scotiabank lowered shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Finally, Truist Financial raised shares of 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 report on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $48.00.

CubeSmart Trading Down 1.1 %

CUBE opened at $41.62 on Monday. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a fifty day moving average of $41.81 and a 200-day moving average of $46.10. The stock has a market cap of $9.49 billion, a PE ratio of 23.52, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. On average, sell-side analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

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.