OLD National Bancorp IN Has $5.97 Million Holdings in CubeSmart (NYSE:CUBE)

OLD National Bancorp IN lessened its holdings in CubeSmart (NYSE:CUBE) by 5.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 139,879 shares of the real estate investment trust’s stock after selling 8,567 shares during the period. OLD National Bancorp IN owned 0.06% of CubeSmart worth $5,974,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of CUBE. Bank of Montreal Can raised its holdings in CubeSmart by 19.7% in the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock worth $3,021,000 after acquiring an additional 11,608 shares during the period. Norges Bank bought a new position in CubeSmart in the 4th quarter worth $408,064,000. Raymond James Financial Inc. bought a new position in CubeSmart in the 4th quarter worth $21,278,000. LPL Financial LLC raised its holdings in CubeSmart by 19.2% in the 4th quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock worth $4,654,000 after acquiring an additional 17,518 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after acquiring an additional 352,754 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

NYSE CUBE opened at $43.31 on Monday. The stock has a market cap of $9.87 billion, a P/E ratio of 24.47, a PEG ratio of 11.58 and a beta of 0.98. The company’s 50-day simple moving average is $40.81 and its 200 day simple moving average is $42.30. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. The firm had revenue of $273.04 million for the quarter, compared to analysts’ expectations of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. As a group, research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

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

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of research analyst reports. Mizuho upped their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Wolfe Research initiated coverage on shares of CubeSmart in a research report on Monday, May 19th. They set an “outperform” rating and a $48.00 price objective for the company. Royal Bank of Canada cut their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Finally, Bank of America raised shares of CubeSmart from a “neutral” rating to a “buy” rating and upped their price objective for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.