Balyasny Asset Management L.P. Has $57.68 Million Stock Position in CubeSmart (NYSE:CUBE)

Balyasny Asset Management L.P. increased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 18.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,346,158 shares of the real estate investment trust's stock after purchasing an additional 212,987 shares during the quarter. Balyasny Asset Management L.P. owned 0.60% of CubeSmart worth $57,683,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Blue Trust Inc. increased its position in shares of CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 289 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of CubeSmart by 0.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock valued at $2,280,000 after purchasing an additional 306 shares during the period. Magnetar Financial LLC lifted its position in shares of CubeSmart by 2.3% during the fourth quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock worth $606,000 after purchasing an additional 320 shares in the last quarter. Mariner LLC boosted its holdings in CubeSmart by 2.5% in the fourth quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock valued at $585,000 after purchasing an additional 328 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in shares of CubeSmart by 5.1% during the fourth quarter. CIBC Asset Management Inc now owns 6,984 shares of the real estate investment trust's stock worth $299,000 after buying an additional 342 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Stock Performance

CubeSmart stock traded up $0.22 during midday trading on Friday, reaching $42.68. 1,284,289 shares of the stock traded hands, compared to its average volume of 1,473,596. The firm has a fifty day moving average price of $40.58 and a two-hundred day moving average price of $43.13. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The firm has a market cap of $9.73 billion, a price-to-earnings ratio of 24.11, a PEG ratio of 11.58 and a beta of 1.00. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

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

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.52 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 4.87%. CubeSmart's payout ratio is 123.08%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CUBE shares. Mizuho began coverage on shares of CubeSmart in a report on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price objective for the company. Barclays lowered 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. KeyCorp raised 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. Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Royal Bank of Canada reduced their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $46.85.

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.