Sophron Capital Management L.P. Buys New Shares in CubeSmart (NYSE:CUBE)

Sophron Capital Management L.P. bought a new position in CubeSmart (NYSE:CUBE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 145,254 shares of the real estate investment trust's stock, valued at approximately $6,224,000. CubeSmart comprises about 2.5% of Sophron Capital Management L.P.'s portfolio, making the stock its 17th largest position. Sophron Capital Management L.P. owned 0.06% of CubeSmart as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of CUBE. Norges Bank bought a new position in CubeSmart in the fourth quarter valued at about $408,064,000. Capital World Investors raised its position in shares of CubeSmart by 184.5% during 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. Alyeska Investment Group L.P. raised its position in shares of CubeSmart by 219.4% during 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 acquiring an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. raised 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 valued at $288,259,000 after acquiring an additional 1,464,331 shares during the last quarter. Finally, Northern Trust Corp raised 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 acquiring an additional 1,195,246 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on CUBE shares. Barclays dropped their target price on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Truist Financial upped their target price 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. Evercore ISI lifted their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Wolfe Research initiated coverage on shares of CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 price objective on the stock. Finally, Mizuho initiated coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $47.07.

CubeSmart Trading Down 0.0%

Shares of CubeSmart stock traded down $0.01 during trading hours on Friday, hitting $41.26. The company's stock had a trading volume of 1,382,833 shares, compared to its average volume of 1,494,385. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The stock has a 50 day moving average of $40.67 and a 200 day moving average of $42.77. The company has a market capitalization of $9.41 billion, a PE ratio of 23.31, a price-to-earnings-growth 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 (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm's revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 EPS. Analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 5.04%. CubeSmart's dividend payout ratio is currently 123.08%.

CubeSmart Company 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.