CX Institutional purchased a new position in shares of CubeSmart (NYSE:CUBE - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 76,402 shares of the real estate investment trust's stock, valued at approximately $3,263,000.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in CubeSmart during the fourth quarter worth about $408,064,000. Capital World Investors boosted its stake in CubeSmart by 184.5% in the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock valued at $126,161,000 after acquiring an additional 1,909,496 shares during the last quarter. Alyeska Investment Group L.P. grew its position in shares of CubeSmart by 219.4% in the fourth 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 in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of CubeSmart by 27.8% during 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 acquiring an additional 1,464,331 shares during the last quarter. Finally, Northern Trust Corp grew its position in CubeSmart by 46.6% during the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock valued at $161,067,000 after acquiring an additional 1,195,246 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
CUBE has been the topic of a number of recent research reports. Royal Bank of Canada lowered 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. Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and increased their target price for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Wells Fargo & Company reduced their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. KeyCorp upgraded CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Finally, Scotiabank increased their target price on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $47.36.
Read Our Latest Report on CUBE
CubeSmart Price Performance
Shares of NYSE:CUBE traded down $0.60 on Friday, hitting $42.76. The company's stock had a trading volume of 580,110 shares, compared to its average volume of 1,516,527. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company has a market capitalization of $9.75 billion, a PE ratio of 24.17, a PEG ratio of 11.58 and a beta of 0.98. The company has a 50-day simple moving average of $41.08 and a 200 day simple moving average of $42.23. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. The company had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm's quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 EPS. Sell-side analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.
CubeSmart Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.
CubeSmart Profile
(
Free Report)
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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