Bank of Montreal Can Has $3.02 Million Holdings in CubeSmart (NYSE:CUBE)

Bank of Montreal Can lifted its position in CubeSmart (NYSE:CUBE - Free Report) by 19.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 70,505 shares of the real estate investment trust's stock after purchasing an additional 11,608 shares during the period. Bank of Montreal Can's holdings in CubeSmart were worth $3,021,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Howard Capital Management Group LLC acquired a new position in shares of CubeSmart in the 3rd quarter valued at $212,000. MML Investors Services LLC raised its position in CubeSmart by 6.3% during the 3rd quarter. MML Investors Services LLC now owns 23,618 shares of the real estate investment trust's stock worth $1,271,000 after buying an additional 1,398 shares during the last quarter. Barclays PLC boosted its holdings in shares of CubeSmart by 54.0% in the 3rd 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 last quarter. Virtu Financial LLC purchased a new position in shares of CubeSmart during the third quarter worth $566,000. Finally, Anchor Investment Management LLC purchased a new position in shares of CubeSmart during the 3rd quarter valued at about $79,000. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Price Performance

CUBE stock traded down $0.34 during trading on Monday, reaching $39.23. 49,454 shares of the company were exchanged, compared to its average volume of 1,737,956. The stock's 50 day moving average price is $40.91 and its 200 day moving average price is $44.03. The company has a market cap of $8.98 billion, a P/E ratio of 22.14, a PEG ratio of 11.58 and a beta of 0.85. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.30%. CubeSmart's payout ratio is currently 120.93%.

Wall Street Analysts Forecast Growth

CUBE has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a "sell" rating to a "hold" rating and reduced their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Mizuho started coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They set a "neutral" rating and a $39.00 target price on the stock. Jefferies Financial Group cut shares of CubeSmart from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and dropped their target price for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Barclays reduced their price target on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $47.31.

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.