GAMMA Investing LLC boosted its holdings in CubeSmart (NYSE:CUBE - Free Report) by 4,739.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,108 shares of the real estate investment trust's stock after buying an additional 91,184 shares during the period. GAMMA Investing LLC's holdings in CubeSmart were worth $3,977,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of CubeSmart in the fourth quarter worth about $408,064,000. Capital World Investors lifted its stake in 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 worth $126,161,000 after purchasing an additional 1,909,496 shares in the last quarter. Alyeska Investment Group L.P. boosted its holdings in 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 period. T. Rowe Price Investment Management Inc. boosted its holdings in 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 period. Finally, Northern Trust Corp grew its position in shares of CubeSmart by 46.6% during 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 in the last quarter. Institutional investors own 97.61% of the company's stock.
CubeSmart Price Performance
NYSE CUBE traded up $0.15 on Thursday, reaching $43.47. 198,399 shares of the company's stock traded hands, compared to its average volume of 1,514,080. The stock has a market cap of $9.91 billion, a PE ratio of 24.56, a P/E/G ratio of 11.58 and a beta of 0.98. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The stock has a 50-day simple moving average of $40.96 and a 200 day simple moving average of $42.27. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.
CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping the consensus estimate of $0.62 by $0.02. The firm 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 company's quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 earnings per share. As a group, research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.78%. CubeSmart's payout ratio is currently 123.08%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the company. Wells Fargo & Company lowered their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. KeyCorp raised 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. Barclays dropped their price target on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Evercore ISI upped their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Finally, Mizuho raised their target price on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart has a consensus rating of "Hold" and an average target price of $47.36.
Get Our Latest Report on CubeSmart
About CubeSmart
(
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.
Read More
Before you consider CubeSmart, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CubeSmart wasn't on the list.
While CubeSmart currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know? MarketBeat just compiled its list of the twelve stocks that corporate insiders are abandoning. Complete the form below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
