Boothbay Fund Management LLC Makes New $516,000 Investment in CubeSmart (NYSE:CUBE)

Boothbay Fund Management LLC purchased a new stake in CubeSmart (NYSE:CUBE - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 12,039 shares of the real estate investment trust's stock, valued at approximately $516,000.

Several other large investors also recently made changes to their positions in CUBE. Vanguard Group Inc. lifted its holdings in shares of CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after purchasing an additional 85,609 shares in the last quarter. Norges Bank bought a new stake in CubeSmart in the 4th quarter valued at approximately $408,064,000. T. Rowe Price Investment Management Inc. boosted its position in CubeSmart by 27.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock worth $288,259,000 after acquiring an additional 1,464,331 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of CubeSmart by 8.9% during 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 in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of CubeSmart by 6.0% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust's stock valued at $144,320,000 after purchasing an additional 191,862 shares during the last quarter. Institutional investors own 97.61% of the company's stock.

Analysts Set New Price Targets

CUBE has been the topic of a number of analyst reports. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Mizuho assumed coverage on CubeSmart in a report on Wednesday, April 9th. They set a "neutral" rating and a $39.00 target price on the stock. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Wells Fargo & Company decreased their price target on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Finally, Royal Bank of Canada lowered their target price on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report 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. According to data from MarketBeat.com, CubeSmart currently has an average rating of "Hold" and a consensus target price of $47.31.

CubeSmart Stock Performance

Shares of CUBE opened at $40.63 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market cap of $9.30 billion, a PE ratio of 22.95, a PEG ratio of 11.58 and a beta of 0.85. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The stock's fifty day moving average price is $40.58 and its two-hundred day moving average price is $43.53.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. On average, equities research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.12%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's dividend payout ratio is 120.93%.

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.

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