FIL Ltd Buys 20,007 Shares of CubeSmart (NYSE:CUBE)

FIL Ltd lifted its stake in CubeSmart (NYSE:CUBE - Free Report) by 147.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,605 shares of the real estate investment trust's stock after buying an additional 20,007 shares during the period. FIL Ltd's holdings in CubeSmart were worth $1,440,000 at the end of the most recent reporting period.

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

CubeSmart Trading Up 2.7 %

Shares of CUBE traded up $1.03 during trading hours on Friday, hitting $39.50. 955,932 shares of the stock traded hands, compared to its average volume of 1,437,317. The business has a fifty day moving average of $40.97 and a 200-day moving average of $44.24. The firm has a market capitalization of $9.04 billion, a PE ratio of 22.31, a price-to-earnings-growth 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 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 issued its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (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%. Analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.27%. The ex-dividend date was Tuesday, April 1st. CubeSmart's payout ratio is 120.93%.

Wall Street Analyst Weigh In

CUBE has been the subject of several analyst reports. KeyCorp upgraded 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. Jefferies Financial Group lowered shares of CubeSmart from a "buy" rating to a "hold" rating and lowered their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Barclays cut their price target on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Wells Fargo & Company dropped their price objective on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Royal Bank of Canada reduced their target price on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. 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 data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus 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.