CubeSmart (NYSE:CUBE) Shares Acquired by Northern Trust Corp

Northern Trust Corp lifted its position in CubeSmart (NYSE:CUBE - Free Report) by 46.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,758,863 shares of the real estate investment trust's stock after purchasing an additional 1,195,246 shares during the quarter. Northern Trust Corp owned about 1.66% of CubeSmart worth $161,067,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Montreal Can raised its position 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 buying an additional 11,608 shares during the last quarter. Norges Bank purchased a new position in shares of CubeSmart during the fourth quarter worth $408,064,000. Raymond James Financial Inc. acquired a new position in CubeSmart during the fourth quarter valued at $21,278,000. Oak Thistle LLC lifted its position in CubeSmart by 232.9% during 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 purchasing an additional 22,582 shares during the period. Finally, LPL Financial LLC boosted its holdings in CubeSmart by 19.2% in the fourth 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 during the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CUBE. Scotiabank lowered CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and decreased their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. 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 on the stock. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Finally, Wells Fargo & Company lowered their price target on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Nine 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 stock has a consensus rating of "Hold" and an average price target of $46.85.

CubeSmart Stock Up 4.1 %

CUBE opened at $42.63 on Friday. The company has a market cap of $9.76 billion, a PE ratio of 24.08, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The company has a 50-day moving average price of $40.54 and a 200 day moving average price of $43.41. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share. Sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.88%. CubeSmart's payout ratio is currently 120.93%.

CubeSmart 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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