Adage Capital Partners GP L.L.C. Acquires Shares of 100,000 CubeSmart (NYSE:CUBE)

Adage Capital Partners GP L.L.C. acquired a new position in CubeSmart (NYSE:CUBE - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 100,000 shares of the real estate investment trust's stock, valued at approximately $4,285,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CUBE. Howard Capital Management Group LLC bought a new stake in shares of CubeSmart in the third quarter valued at approximately $212,000. Barclays PLC increased its stake in CubeSmart by 54.0% in the third quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust's stock valued at $17,793,000 after acquiring an additional 115,904 shares during the period. Virtu Financial LLC bought a new stake in shares of CubeSmart in the 3rd quarter valued at approximately $566,000. Anchor Investment Management LLC acquired a new position in CubeSmart during the third quarter worth $79,000. Finally, Tidal Investments LLC increased its position in shares of CubeSmart by 24.7% during the 3rd quarter. Tidal Investments LLC now owns 141,099 shares of the real estate investment trust's stock worth $7,523,000 after purchasing an additional 27,912 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Stock Up 4.1 %

Shares of NYSE:CUBE traded up $1.68 during midday trading on Friday, hitting $42.63. The stock had a trading volume of 2,896,917 shares, compared to its average volume of 1,459,035. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The business's 50-day simple moving average is $40.54 and its 200-day simple moving average is $43.41. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a market cap of $9.76 billion, a P/E ratio of 24.08, a PEG ratio of 11.58 and a beta of 0.85.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. During the same quarter in the prior year, the company earned $0.64 earnings per share. The business's revenue for the quarter was up 4.4% compared to the same quarter last year. On average, sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date was Tuesday, April 1st. CubeSmart's dividend payout ratio is presently 120.93%.

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised CubeSmart from a "sell" rating to a "hold" rating and dropped their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. 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. Scotiabank cut CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Royal Bank of Canada decreased their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Finally, Evercore ISI increased their target price on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $46.85.

CubeSmart Profile

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.