Lazard Asset Management LLC Has $8.14 Million Stock Holdings in CubeSmart (NYSE:CUBE)

Lazard Asset Management LLC raised its position in CubeSmart (NYSE:CUBE - Free Report) by 29.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 189,938 shares of the real estate investment trust's stock after purchasing an additional 43,414 shares during the period. Lazard Asset Management LLC owned approximately 0.08% of CubeSmart worth $8,138,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new stake in CubeSmart during the 4th quarter worth approximately $408,064,000. Capital World Investors raised its holdings in shares of CubeSmart by 184.5% during the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock worth $126,161,000 after acquiring an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. lifted its position in CubeSmart by 219.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock valued at $110,323,000 after acquiring an additional 1,768,626 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in CubeSmart by 27.8% in 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 purchasing an additional 1,464,331 shares during the period. Finally, Northern Trust Corp boosted its stake in CubeSmart by 46.6% in the 4th quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock worth $161,067,000 after purchasing an additional 1,195,246 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CUBE. Evercore ISI boosted their price target on CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. KeyCorp upgraded CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research note 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 for the company in a research note on Friday, February 21st. Scotiabank boosted their price objective on shares of CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. Finally, Barclays reduced their target price on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Friday. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, CubeSmart has a consensus rating of "Hold" and a consensus target price of $47.07.

CubeSmart Stock Performance

CUBE traded up $0.11 on Tuesday, reaching $43.69. The company had a trading volume of 399,295 shares, compared to its average volume of 1,478,006. The company's fifty day moving average is $40.66 and its 200 day moving average is $42.88. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a market cap of $9.96 billion, a P/E ratio of 24.68, a P/E/G ratio of 11.58 and a beta of 1.00. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14.

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

CubeSmart Announces Dividend

The firm 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. This represents a $2.08 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's dividend payout ratio is currently 123.08%.

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.