OLD National Bancorp IN Sells 8,567 Shares of CubeSmart (NYSE:CUBE)

OLD National Bancorp IN trimmed its stake in shares of CubeSmart (NYSE:CUBE) by 5.8% during the first quarter, Holdings Channel.com reports. The firm owned 139,879 shares of the real estate investment trust’s stock after selling 8,567 shares during the period. OLD National Bancorp IN’s holdings in CubeSmart were worth $5,974,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. lifted its position in shares of CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 389 shares during the period. SRS Capital Advisors Inc. lifted its holdings in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 559 shares during the period. Huntington National Bank lifted its holdings in CubeSmart by 307.0% in the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 915 shares during the period. Finally, Quantbot Technologies LP acquired a new position in CubeSmart in the fourth quarter valued at approximately $58,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Trading Up 1.5%

CUBE opened at $43.31 on Monday. The firm’s fifty day moving average is $40.81 and its two-hundred day moving average is $42.30. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market cap of $9.87 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 11.58 and a beta of 0.98. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. During the same period last year, the business posted $0.64 earnings per share. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. Equities research analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.80%. CubeSmart’s payout ratio is 123.08%.

Analyst Ratings Changes

Several brokerages recently weighed in on CUBE. Mizuho increased their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Wolfe Research began coverage on shares of CubeSmart in a report on Monday, May 19th. They issued an “outperform” rating and a $48.00 price objective on the stock. Barclays cut their price objective on shares of CubeSmart from $49.00 to $48.00 and set an “equal weight” rating on the stock in a report on Friday, May 16th. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. Finally, Evercore ISI increased their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $47.36.

About CubeSmart

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.