Dynamic Technology Lab Private Ltd Takes $300,000 Position in CubeSmart (NYSE:CUBE)

Dynamic Technology Lab Private Ltd purchased a new position in CubeSmart (NYSE:CUBE - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,000 shares of the real estate investment trust's stock, valued at approximately $300,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank bought a new position in shares of CubeSmart during the 4th quarter valued at approximately $408,064,000. Prudential Financial Inc. boosted its position in CubeSmart by 380.8% in the 4th quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust's stock valued at $29,562,000 after buying an additional 546,387 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of CubeSmart in the fourth quarter valued at approximately $21,278,000. SG Americas Securities LLC grew its position in shares of CubeSmart by 10,685.4% during the 4th quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust's stock worth $20,936,000 after buying an additional 484,049 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its holdings in CubeSmart by 31.9% during the 4th quarter. Centersquare Investment Management LLC now owns 1,910,373 shares of the real estate investment trust's stock worth $81,859,000 after acquiring an additional 462,373 shares in the last quarter. 97.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CUBE. Scotiabank cut shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and lowered their price target for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Barclays cut their price target on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Royal Bank of Canada cut their target price on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. 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 report on Friday, February 21st. Finally, KeyCorp raised 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 report on Thursday, March 6th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $47.31.

CubeSmart Stock Performance

NYSE CUBE traded up $0.40 on Wednesday, hitting $38.93. 73,789 shares of the company's stock traded hands, compared to its average volume of 1,762,034. The firm has a market capitalization of $8.91 billion, a PE ratio of 21.99, a P/E/G ratio of 11.58 and a beta of 0.85. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. The firm's 50-day moving average price is $41.10 and its two-hundred day moving average price is $44.38. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating the consensus estimate of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were paid 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 5.34%. CubeSmart's 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.