Ontario Teachers Pension Plan Board Takes Position in CubeSmart (NYSE:CUBE)

Key Points

• The Ontario Teachers Pension Plan Board has acquired 43,663 shares of CubeSmart, valuing the investment at approximately $1.865 million.
• CubeSmart announced a quarterly dividend of $0.52, resulting in an annualized yield of 5.3% and a payout ratio of 126.83%.
• Analysts hold a consensus rating of "Hold" for CubeSmart, with an average target price of $47.13, highlighting recent upgrades and downgrades from various brokerages.

Ontario Teachers Pension Plan Board purchased a new stake in shares of CubeSmart (NYSE:CUBE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 43,663 shares of the real estate investment trust's stock, valued at approximately $1,865,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. lifted its holdings in CubeSmart by 27.8% in the fourth 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 during the period. Allspring Global Investments Holdings LLC lifted its holdings in CubeSmart by 1.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock valued at $212,886,000 after acquiring an additional 72,513 shares during the last quarter. Northern Trust Corp lifted its holdings in CubeSmart by 46.6% in 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 acquiring an additional 1,195,246 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in CubeSmart by 1.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,183,271 shares of the real estate investment trust's stock valued at $135,958,000 after acquiring an additional 58,564 shares during the last quarter. Finally, Capital World Investors lifted its holdings 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 valued at $126,161,000 after acquiring an additional 1,909,496 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

Shares of NYSE:CUBE traded down $0.13 during midday trading on Monday, reaching $38.71. The company's stock had a trading volume of 838,200 shares, compared to its average volume of 1,799,573. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The company has a market capitalization of $8.83 billion, a P/E ratio of 23.60, a P/E/G ratio of 7.13 and a beta of 0.94. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06. The business's fifty day simple moving average is $41.97 and its 200-day simple moving average is $41.53.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The firm had revenue of $282.30 million for the quarter, compared to analysts' expectations of $275.71 million. During the same quarter last year, the business earned $0.64 earnings per share. The company's revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.4%. CubeSmart's payout ratio is 126.83%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Mizuho upped their price target on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Truist Financial boosted their price objective on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. BNP Paribas raised CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Royal Bank Of Canada decreased their target price on CubeSmart from $48.00 to $47.00 and set an "outperform" rating for the company in a research report on Monday, August 4th. Finally, Barclays reduced their price objective on CubeSmart from $48.00 to $45.00 and set an "equal weight" rating for the company in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $46.93.

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.