CubeSmart (NYSE:CUBE) Shares Acquired by Tidal Investments LLC

Tidal Investments LLC increased its position in CubeSmart (NYSE:CUBE - Free Report) by 21.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 171,810 shares of the real estate investment trust's stock after purchasing an additional 30,711 shares during the period. Tidal Investments LLC owned 0.08% of CubeSmart worth $7,273,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CUBE. Norges Bank purchased a new stake in shares of CubeSmart in the 4th quarter valued at about $408,064,000. Capital World Investors lifted its holdings in shares of CubeSmart by 184.5% in the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock valued at $126,161,000 after purchasing an additional 1,909,496 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in shares of 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 purchasing an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of 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 valued at $288,259,000 after purchasing an additional 1,464,331 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of 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 valued at $161,067,000 after purchasing an additional 1,195,246 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CUBE. Mizuho began coverage on CubeSmart in a report on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 target price for the company. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a report on Thursday, March 6th. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and upped their price objective for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Royal Bank of Canada reduced their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Finally, Scotiabank upped their price objective on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $47.07.

CubeSmart Stock Performance

Shares of CUBE stock opened at $43.56 on Tuesday. The company has a market cap of $9.93 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The stock has a 50 day simple moving average of $40.66 and a 200-day simple moving average of $42.88. CubeSmart has a 12-month low of $34.24 and a 12-month 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, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) 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 business had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same period in the prior year, the business posted $0.64 EPS. The company's revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities analysts forecast 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. Investors of record on Tuesday, April 1st were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.78%. The ex-dividend date was Tuesday, April 1st. CubeSmart's payout ratio is currently 123.08%.

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.

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