abrdn plc Raises Holdings in CubeSmart (NYSE:CUBE)

abrdn plc boosted its stake in shares of CubeSmart (NYSE:CUBE – Get Rating) by 3.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,836 shares of the real estate investment trust’s stock after purchasing an additional 1,534 shares during the quarter. abrdn plc’s holdings in CubeSmart were worth $2,544,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Curi Wealth Management LLC purchased a new stake in CubeSmart during the 4th quarter worth about $26,000. MUFG Americas Holdings Corp increased its holdings in CubeSmart by 97.5% during the 4th quarter. MUFG Americas Holdings Corp now owns 472 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 233 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in CubeSmart by 503.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 477 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 398 shares during the period. PSI Advisors LLC purchased a new stake in CubeSmart during the 1st quarter worth about $26,000. Finally, Focused Wealth Management Inc purchased a new stake in CubeSmart during the 1st quarter worth about $26,000. Hedge funds and other institutional investors own 95.92% of the company’s stock.

CubeSmart Stock Up 0.5 %

Shares of NYSE CUBE opened at $45.87 on Monday. The stock has a market cap of $10.29 billion, a PE ratio of 43.69, a price-to-earnings-growth ratio of 2.37 and a beta of 0.49. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 1.09. CubeSmart has a 52-week low of $38.67 and a 52-week high of $57.34. The business has a 50-day moving average price of $42.73 and a 200 day moving average price of $47.25.

CubeSmart (NYSE:CUBE – Get Rating) last announced its earnings results on Thursday, April 28th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.40). CubeSmart had a net margin of 26.65% and a return on equity of 10.78%. The firm had revenue of $238.57 million during the quarter, compared to analyst estimates of $240.13 million. During the same period last year, the company earned $0.47 earnings per share. The firm’s revenue for the quarter was up 26.3% compared to the same quarter last year. Equities research analysts forecast that CubeSmart will post 2.43 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, September 30th. This represents a $1.72 dividend on an annualized basis and a yield of 3.75%. CubeSmart’s payout ratio is 163.81%.

Analysts Set New Price Targets

CUBE has been the topic of several recent research reports. Truist Financial cut their price target on CubeSmart from $55.00 to $48.00 and set a “na” rating on the stock in a report on Monday, May 16th. StockNews.com cut CubeSmart from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. Raymond James raised CubeSmart from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the stock from $60.00 to $52.00 in a research report on Monday, May 23rd. Evercore ISI set a $58.00 price objective on CubeSmart in a research report on Monday, June 20th. Finally, JPMorgan Chase & Co. upped their price objective on CubeSmart from $57.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, April 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $53.00.

CubeSmart Profile

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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 secure storage space for residential and commercial customers. According to the 2020 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

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