Amalgamated Bank Sells 19,888 Shares of CubeSmart (NYSE:CUBE)

Amalgamated Bank decreased its position in CubeSmart (NYSE:CUBEFree Report) by 13.9% during the 1st quarter, HoldingsChannel reports. The fund owned 122,826 shares of the real estate investment trust’s stock after selling 19,888 shares during the quarter. Amalgamated Bank’s holdings in CubeSmart were worth $5,554,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CUBE. Teacher Retirement System of Texas lifted its stake in CubeSmart by 4.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 153,570 shares of the real estate investment trust’s stock valued at $5,856,000 after acquiring an additional 7,151 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of CubeSmart by 4.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 71,808 shares of the real estate investment trust’s stock worth $2,738,000 after purchasing an additional 2,826 shares in the last quarter. M&T Bank Corp raised its stake in shares of CubeSmart by 4.7% during the 3rd quarter. M&T Bank Corp now owns 28,845 shares of the real estate investment trust’s stock worth $1,100,000 after purchasing an additional 1,283 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of CubeSmart by 9.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 93,451 shares of the real estate investment trust’s stock worth $3,563,000 after purchasing an additional 7,831 shares in the last quarter. Finally, Cullen Frost Bankers Inc. raised its stake in shares of CubeSmart by 72.8% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 84,163 shares of the real estate investment trust’s stock worth $3,209,000 after purchasing an additional 35,463 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

NYSE CUBE traded down $0.49 on Tuesday, reaching $43.41. The stock had a trading volume of 1,005,941 shares, compared to its average volume of 1,462,689. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a fifty day moving average of $43.20 and a two-hundred day moving average of $43.09. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81. The company has a market cap of $9.76 billion, a P/E ratio of 24.22 and a beta of 0.72.

CubeSmart (NYSE:CUBEGet Free Report) last issued its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The firm had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. During the same period in the prior year, the company earned $0.65 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s dividend payout ratio is 113.33%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CUBE. Wells Fargo & Company upped their price objective on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. Raymond James reiterated an “outperform” rating and set a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on CubeSmart in a research note on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective on the stock. Barclays initiated coverage on CubeSmart in a report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 target price on the stock. Finally, Evercore ISI boosted their target price on CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a report on Monday, March 4th. One equities 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $46.33.

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CubeSmart Profile

(Free Report)

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.

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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