GAMMA Investing LLC Acquires 91,184 Shares of CubeSmart (NYSE:CUBE)

GAMMA Investing LLC raised its stake in CubeSmart (NYSE:CUBE - Free Report) by 4,739.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 93,108 shares of the real estate investment trust's stock after acquiring an additional 91,184 shares during the quarter. GAMMA Investing LLC's holdings in CubeSmart were worth $3,977,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in CubeSmart by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after acquiring an additional 85,609 shares during the period. Norges Bank bought a new position in CubeSmart in the 4th quarter valued at about $408,064,000. T. Rowe Price Investment Management Inc. grew 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 worth $288,259,000 after purchasing an additional 1,464,331 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of CubeSmart by 8.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after purchasing an additional 352,754 shares in the last quarter. 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 worth $161,067,000 after purchasing an additional 1,195,246 shares in the last quarter. 97.61% of the stock is owned by institutional investors.

CubeSmart Price Performance

Shares of NYSE CUBE traded down $0.39 during trading hours on Friday, hitting $42.97. 1,241,151 shares of the stock were exchanged, compared to its average volume of 1,522,754. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The company has a market cap of $9.80 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 11.58 and a beta of 0.98. The company's fifty day simple moving average is $41.22 and its two-hundred day simple moving average is $42.18. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14.

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 for the quarter, beating 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 for the quarter, compared to analyst estimates of $268.16 million. During the same quarter last year, the business posted $0.64 earnings per share. The company's quarterly revenue was up 4.4% on a year-over-year basis. On average, sell-side analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 4.84%. CubeSmart's dividend payout ratio is currently 123.08%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Truist Financial increased their target price on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Mizuho increased their target price on shares of CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Barclays decreased their target price on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Finally, Evercore ISI increased their target price 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. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $47.36.

About CubeSmart

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.