Capital World Investors Buys 1,909,496 Shares of CubeSmart (NYSE:CUBE)

Capital World Investors lifted its holdings in CubeSmart (NYSE:CUBE - Free Report) by 184.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,944,248 shares of the real estate investment trust's stock after purchasing an additional 1,909,496 shares during the quarter. Capital World Investors owned 1.30% of CubeSmart worth $126,161,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Howard Capital Management Group LLC bought a new stake in shares of CubeSmart in the 3rd quarter worth $212,000. Barclays PLC grew its stake 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 worth $17,793,000 after purchasing an additional 115,904 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of CubeSmart in the 3rd quarter worth approximately $566,000. Anchor Investment Management LLC acquired a new stake in CubeSmart during the third quarter valued at approximately $79,000. Finally, Sanctuary Advisors LLC acquired a new stake in CubeSmart during the third quarter valued at approximately $628,000. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CUBE. Mizuho initiated coverage on CubeSmart in a research note on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price objective for the company. Jefferies Financial Group cut CubeSmart from a "buy" rating to a "hold" rating and dropped their price target for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Truist Financial raised shares of CubeSmart from a "hold" rating to a "buy" rating and reduced their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Wells Fargo & Company dropped their target price on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Finally, KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target for the company in a research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $47.31.

CubeSmart Stock Performance

Shares of CUBE stock traded down $0.16 during trading on Friday, reaching $39.79. The company had a trading volume of 1,248,767 shares, compared to its average volume of 1,438,365. The firm's 50 day simple moving average is $40.68 and its two-hundred day simple moving average is $43.74. CubeSmart has a one year low of $34.24 and a one year 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. The company has a market capitalization of $9.11 billion, a PE ratio of 22.48, a PEG ratio of 11.58 and a beta of 0.85.

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

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a $0.52 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.23%. 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.