Norges Bank Acquires Shares of 10,983,859 CubeSmart $CUBE

Key Points

• Norges Bank disclosed a new stake in CubeSmart, buying 10,983,859 shares worth about $396 million in the fourth quarter and ending with a 4.82% ownership position.
• Several other institutional investors also adjusted positions, and overall hedge funds and institutions own 97.61% of CubeSmart’s shares.
• Analysts remain cautious overall with an average “Hold” rating and $43.42 price target, while CubeSmart also reported quarterly EPS and revenue above estimates and declared a $0.53 quarterly dividend yielding 5.4%.

Norges Bank acquired a new stake in CubeSmart (NYSE:CUBE - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,983,859 shares of the real estate investment trust's stock, valued at approximately $395,968,000. Norges Bank owned 4.82% of CubeSmart at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Eurizon Capital SGR S.p.A. purchased a new position in shares of CubeSmart in the fourth quarter valued at about $280,000. Geode Capital Management LLC increased its position in shares of CubeSmart by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 4,714,128 shares of the real estate investment trust's stock valued at $169,975,000 after acquiring an additional 52,207 shares during the period. AlphaQuest LLC increased its position in shares of CubeSmart by 168.5% in the fourth quarter. AlphaQuest LLC now owns 111,496 shares of the real estate investment trust's stock valued at $4,019,000 after acquiring an additional 69,976 shares during the period. Allstate Corp increased its position in shares of CubeSmart by 36.7% in the fourth quarter. Allstate Corp now owns 13,358 shares of the real estate investment trust's stock valued at $482,000 after acquiring an additional 3,589 shares during the period. Finally, Legal & General Group Plc increased its position in shares of CubeSmart by 16.3% in the fourth quarter. Legal & General Group Plc now owns 1,381,625 shares of the real estate investment trust's stock valued at $49,808,000 after acquiring an additional 193,467 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.

Analysts Set New Price Targets

CUBE has been the topic of a number of analyst reports. Mizuho boosted their price objective on shares of CubeSmart from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Wednesday, May 27th. Wells Fargo & Company boosted their price target on shares of CubeSmart from $39.00 to $40.00 and gave the company an "equal weight" rating in a research report on Monday. UBS Group boosted their price target on shares of CubeSmart from $37.00 to $41.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Royal Bank Of Canada reiterated an "outperform" rating and set a $46.00 price target on shares of CubeSmart in a research report on Monday, May 4th. Finally, BNP Paribas Exane upgraded shares of CubeSmart from a "neutral" rating to an "outperform" rating and set a $43.00 price target on the stock in a research report on Wednesday, March 18th. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, CubeSmart has an average rating of "Hold" and an average target price of $43.42.

CubeSmart Trading Down 1.8%

NYSE:CUBE opened at $39.28 on Tuesday. CubeSmart has a one year low of $35.09 and a one year high of $44.13. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.04 and a quick ratio of 0.04. The company's 50-day simple moving average is $38.87 and its 200 day simple moving average is $38.13. The firm has a market capitalization of $8.89 billion, a P/E ratio of 27.66, a PEG ratio of 6.91 and a beta of 1.09.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported $0.36 EPS for the quarter, topping the consensus estimate of $0.34 by $0.02. CubeSmart had a net margin of 28.93% and a return on equity of 11.84%. The business had revenue of $281.93 million for the quarter, compared to analyst estimates of $275.25 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. CubeSmart's quarterly revenue was up 3.3% on a year-over-year basis. CubeSmart has set its FY 2026 guidance at 2.520-2.600 EPS and its Q2 2026 guidance at 0.620-0.640 EPS. As a group, analysts forecast that CubeSmart will post 2.58 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $2.12 annualized dividend and a yield of 5.4%. CubeSmart's payout ratio is presently 149.30%.

CubeSmart Company Profile

CubeSmart NYSE: CUBE is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company's portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart's facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.

Want to see what other hedge funds are holding CUBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CubeSmart (NYSE:CUBE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.