Mesirow Institutional Investment Management Inc. Acquires 13,904 Shares of CubeSmart (NYSE:CUBE)

Mesirow Institutional Investment Management Inc. grew its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 20.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,420 shares of the real estate investment trust's stock after buying an additional 13,904 shares during the quarter. Mesirow Institutional Investment Management Inc.'s holdings in CubeSmart were worth $3,446,000 at the end of the most recent reporting period.

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

CubeSmart Price Performance

CUBE stock traded down $0.05 during mid-day trading on Friday, hitting $39.90. 530,960 shares of the stock were exchanged, compared to its average volume of 1,434,853. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The stock has a market capitalization of $9.13 billion, a price-to-earnings ratio of 22.53, a PEG ratio of 11.58 and a beta of 0.85. The business has a fifty day moving average price of $40.72 and a 200 day moving average price of $43.81. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $267.54 million. On average, sell-side analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were issued 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 5.21%. CubeSmart's dividend payout ratio is presently 120.93%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in 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. Scotiabank downgraded CubeSmart from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Barclays dropped their price target on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. Mizuho started coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 target price for the company. Finally, Royal Bank of Canada cut their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target 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.