CubeSmart (NYSE:CUBE) Shares Bought by AQR Capital Management LLC

AQR Capital Management LLC increased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 101.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 127,499 shares of the real estate investment trust's stock after buying an additional 64,262 shares during the quarter. AQR Capital Management LLC owned 0.06% of CubeSmart worth $5,435,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in shares of CubeSmart by 46.6% during the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock valued at $161,067,000 after acquiring an additional 1,195,246 shares in the last quarter. Tudor Investment Corp ET AL lifted its stake in CubeSmart by 470.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 216,293 shares of the real estate investment trust's stock valued at $9,268,000 after purchasing an additional 178,350 shares during the last quarter. Quarry LP grew its stake in shares of CubeSmart by 279.0% during the 4th quarter. Quarry LP now owns 5,196 shares of the real estate investment trust's stock worth $223,000 after acquiring an additional 3,825 shares during the period. Boothbay Fund Management LLC purchased a new position in shares of CubeSmart in the fourth quarter worth about $516,000. Finally, Coldstream Capital Management Inc. raised its holdings in CubeSmart by 5.3% during the 4th quarter. Coldstream Capital Management Inc. now owns 47,621 shares of the real estate investment trust's stock valued at $2,041,000 after acquiring an additional 2,412 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on CUBE. 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 research report on Wednesday, March 5th. Royal Bank of Canada decreased their target price on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Barclays dropped their price objective on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Mizuho assumed coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 price target for the company. Finally, KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $46.85.

CubeSmart Price Performance

NYSE CUBE traded up $0.22 on Friday, hitting $42.68. The company had a trading volume of 1,284,289 shares, compared to its average volume of 1,473,596. The company has a market capitalization of $9.73 billion, a PE ratio of 24.11, a PEG ratio of 11.58 and a beta of 1.00. The company's fifty day moving average price is $40.58 and its 200-day moving average price is $43.09. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.

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

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors 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 yield of 4.87%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's dividend payout ratio is currently 123.08%.

CubeSmart Company 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.