Versant Capital Management Inc Has $285,000 Stock Position in CubeSmart (NYSE:CUBE)

Versant Capital Management Inc grew its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 882.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,683 shares of the real estate investment trust's stock after purchasing an additional 6,003 shares during the period. Versant Capital Management Inc's holdings in CubeSmart were worth $285,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Kera Capital Partners Inc. acquired a new position in shares of CubeSmart in the 1st quarter worth $269,000. Fairtree Asset Management Pty Ltd acquired a new position in shares of CubeSmart in the 4th quarter valued at $768,000. Total Wealth Planning & Management Inc. purchased a new position in CubeSmart in the 4th quarter worth about $229,000. Employees Retirement System of Texas increased its stake in CubeSmart by 110.2% in the 4th quarter. Employees Retirement System of Texas now owns 154,500 shares of the real estate investment trust's stock worth $6,620,000 after purchasing an additional 81,000 shares in the last quarter. Finally, Capital A Wealth Management LLC acquired a new stake in CubeSmart during the 4th quarter worth about $92,000. Institutional investors and hedge funds own 97.61% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on CUBE. Wells Fargo & Company decreased their target price 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. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Wolfe Research assumed coverage on CubeSmart in a report on Monday, May 19th. They issued an "outperform" rating and a $48.00 target price for the company. Royal Bank of Canada decreased their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Finally, Barclays dropped their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, CubeSmart presently has an average rating of "Hold" and a consensus target price of $47.36.

CubeSmart Stock Up 0.6%

Shares of CUBE traded up $0.24 during mid-day trading on Wednesday, hitting $42.84. 576,812 shares of the company's stock were exchanged, compared to its average volume of 1,502,846. The stock has a market cap of $9.77 billion, a price-to-earnings ratio of 24.20, a P/E/G ratio of 11.58 and a beta of 0.98. The firm has a fifty day moving average of $40.77 and a two-hundred day moving average of $42.46. 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 has a twelve month low of $34.24 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data 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 net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. During the same period in the prior year, the company posted $0.64 earnings per share. CubeSmart's revenue for the quarter was up 4.4% on a year-over-year basis. On average, sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.86%. CubeSmart's payout ratio is presently 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.