CubeSmart (NYSE:CUBE) Holdings Raised by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in CubeSmart (NYSE:CUBE) by 0.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,264,132 shares of the real estate investment trust’s stock after acquiring an additional 37,816 shares during the quarter. Principal Financial Group Inc.’s holdings in CubeSmart were worth $382,794,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of CUBE. Cibc World Markets Corp acquired a new position in CubeSmart during the 2nd quarter worth $3,595,000. Cambridge Investment Research Advisors Inc. boosted its position in CubeSmart by 20.6% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 9,300 shares of the real estate investment trust’s stock worth $431,000 after acquiring an additional 1,591 shares during the period. BNP Paribas Arbitrage SA boosted its position in CubeSmart by 122.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 194,470 shares of the real estate investment trust’s stock worth $9,008,000 after acquiring an additional 107,087 shares during the period. Citigroup Inc. boosted its position in CubeSmart by 17.8% during the 2nd quarter. Citigroup Inc. now owns 415,707 shares of the real estate investment trust’s stock worth $19,255,000 after acquiring an additional 62,884 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its position in CubeSmart by 60.0% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 997 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 374 shares during the period. Hedge funds and other institutional investors own 95.83% of the company’s stock.

Several brokerages have recently weighed in on CUBE. JPMorgan Chase & Co. upped their price objective on CubeSmart from $39.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, June 30th. Truist Securities upped their price objective on CubeSmart from $48.00 to $53.00 and gave the company a “hold” rating in a report on Monday, August 16th. Citigroup upped their price objective on CubeSmart from $44.50 to $51.00 and gave the company a “neutral” rating in a report on Thursday, July 1st. Truist upped their price objective on CubeSmart from $48.00 to $53.00 and gave the company a “hold” rating in a report on Monday, August 16th. They noted that the move was a valuation call. Finally, Raymond James upgraded CubeSmart from an “underperform” rating to a “market perform” rating in a report on Tuesday, August 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, CubeSmart has an average rating of “Hold” and a consensus price target of $47.22.

CubeSmart stock opened at $52.79 on Wednesday. The firm’s 50 day simple moving average is $50.66 and its 200-day simple moving average is $44.93. The company has a market cap of $10.65 billion, a P/E ratio of 58.01, a price-to-earnings-growth ratio of 3.80 and a beta of 0.27. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.04 and a quick ratio of 0.04. CubeSmart has a fifty-two week low of $30.96 and a fifty-two week high of $55.07.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, July 29th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.23). CubeSmart had a return on equity of 9.83% and a net margin of 24.30%. On average, analysts expect that CubeSmart will post 2.03 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Friday, October 1st will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, September 30th. CubeSmart’s dividend payout ratio (DPR) is currently 79.07%.

CubeSmart Profile

CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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