CubeSmart $CUBE Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC reduced its position in CubeSmart (NYSE:CUBE) by 34.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 306,149 shares of the real estate investment trust’s stock after selling 162,316 shares during the period. Lazard Asset Management LLC’s holdings in CubeSmart were worth $11,220,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in CubeSmart by 1.3% in the first quarter. Royal Bank of Canada now owns 173,960 shares of the real estate investment trust’s stock valued at $7,429,000 after buying an additional 2,284 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of CubeSmart by 944.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,091 shares of the real estate investment trust’s stock valued at $303,000 after acquiring an additional 6,412 shares during the period. Goldman Sachs Group Inc. raised its position in CubeSmart by 4.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 484,293 shares of the real estate investment trust’s stock valued at $20,684,000 after purchasing an additional 19,476 shares during the last quarter. Caxton Associates LLP acquired a new stake in CubeSmart during the 1st quarter worth $270,000. Finally, Cetera Investment Advisers grew its position in CubeSmart by 1.6% during the 2nd quarter. Cetera Investment Advisers now owns 17,212 shares of the real estate investment trust’s stock worth $731,000 after purchasing an additional 265 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CUBE shares. Mizuho upped their target price on shares of CubeSmart from $40.00 to $42.00 and gave the company a “neutral” rating in a report on Wednesday, May 27th. Raymond James Financial initiated coverage on CubeSmart in a research note on Wednesday, July 15th. They set an “outperform” rating and a $44.00 price objective for the company. Wall Street Zen raised CubeSmart from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Truist Financial boosted their target price on CubeSmart from $41.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, June 17th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $46.00 price target on shares of CubeSmart in a research note on Monday, May 4th. Six analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $43.42.

CubeSmart Stock Down 0.2%

Shares of NYSE:CUBE opened at $42.39 on Thursday. CubeSmart has a fifty-two week low of $35.09 and a fifty-two week high of $43.26. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.29. The firm’s 50-day simple moving average is $40.74 and its 200-day simple moving average is $39.49. The company has a market cap of $9.60 billion, a price-to-earnings ratio of 29.85, a PEG ratio of 7.35 and a beta of 1.08.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.02. CubeSmart had a net margin of 28.93% and a return on equity of 11.84%. The firm had revenue of $281.93 million during the quarter, compared to analysts’ expectations of $275.25 million. During the same period in the prior year, the company posted $0.64 earnings per share. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, equities research analysts predict that CubeSmart will post 2.58 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Thursday, October 1st. CubeSmart’s dividend payout ratio (DPR) is currently 149.30%.

CubeSmart Company Profile

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.