CANADA LIFE ASSURANCE Co Purchases 19,849 Shares of CubeSmart (NYSE:CUBE)

CANADA LIFE ASSURANCE Co increased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 4.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 440,099 shares of the real estate investment trust's stock after buying an additional 19,849 shares during the period. CANADA LIFE ASSURANCE Co owned 0.19% of CubeSmart worth $18,850,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank of Montreal Can raised its position in CubeSmart by 19.7% during the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock valued at $3,021,000 after purchasing an additional 11,608 shares in the last quarter. Norges Bank bought a new stake in CubeSmart in the 4th quarter worth approximately $408,064,000. Raymond James Financial Inc. bought a new position in CubeSmart during the fourth quarter valued at approximately $21,278,000. Oak Thistle LLC raised its stake in shares of CubeSmart by 232.9% during the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock worth $1,383,000 after acquiring an additional 22,582 shares in the last quarter. Finally, LPL Financial LLC boosted its stake in shares of CubeSmart by 19.2% in the 4th quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock valued at $4,654,000 after purchasing an additional 17,518 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Down 0.4 %

Shares of NYSE:CUBE traded down $0.16 during trading on Friday, reaching $39.79. 1,248,767 shares of the stock traded hands, compared to its average volume of 1,438,365. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The stock has a market cap of $9.11 billion, a P/E ratio of 22.48, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The stock has a 50-day moving average of $40.68 and a two-hundred day moving average of $43.74. 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 (NYSE:CUBE - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. As a group, sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business 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. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.23%. CubeSmart's payout ratio is 120.93%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CUBE. Scotiabank lowered CubeSmart from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Mizuho began coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price objective for the company. Wells Fargo & Company reduced their price target on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and reduced their target price for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $47.31.

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.