Quantinno Capital Management LP Buys 58,232 Shares of CubeSmart (NYSE:CUBE)

Quantinno Capital Management LP increased its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 75.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 135,037 shares of the real estate investment trust's stock after buying an additional 58,232 shares during the period. Quantinno Capital Management LP owned about 0.06% of CubeSmart worth $5,786,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CUBE. Norges Bank purchased a new stake in shares of CubeSmart during the 4th quarter worth approximately $408,064,000. Capital World Investors grew its holdings in CubeSmart by 184.5% during 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 purchasing an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. increased its position in 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 worth $110,323,000 after buying an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position 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 buying an additional 1,464,331 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of CubeSmart by 46.6% in 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 buying an additional 1,195,246 shares during the period. Institutional investors own 97.61% of the company's stock.

CubeSmart Price Performance

NYSE:CUBE traded down $1.85 during trading hours on Wednesday, hitting $41.58. The stock had a trading volume of 1,755,041 shares, compared to its average volume of 1,488,786. The company has a 50 day simple moving average of $40.71 and a two-hundred day simple moving average of $42.88. The firm has a market capitalization of $9.48 billion, a price-to-earnings ratio of 23.49, a P/E/G ratio of 11.58 and a beta of 1.00. 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 has a one year low of $34.24 and a one year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 earnings per share. Research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.00%. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CUBE shares. Truist Financial increased their price target on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday. Barclays dropped their price objective on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Mizuho started coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 target price for the company. Wolfe Research started coverage on shares of CubeSmart in a research report on Monday. They issued an "outperform" rating and a $48.00 price target on the stock. Finally, Scotiabank upped their price target on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $47.07.

CubeSmart Profile

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.