Squarepoint Ops LLC Has $4.69 Million Stake in CubeSmart (NYSE:CUBE)

Squarepoint Ops LLC boosted its position in CubeSmart (NYSE:CUBE - Free Report) by 16.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 109,345 shares of the real estate investment trust's stock after purchasing an additional 15,284 shares during the period. Squarepoint Ops LLC's holdings in CubeSmart were worth $4,685,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of 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 worth $1,350,080,000 after purchasing an additional 85,609 shares during the last quarter. Norges Bank acquired a new position in CubeSmart in the fourth quarter worth approximately $408,064,000. T. Rowe Price Investment Management Inc. increased its holdings in shares of 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 valued at $288,259,000 after buying an additional 1,464,331 shares in the last quarter. JPMorgan Chase & Co. lifted 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 valued at $184,232,000 after acquiring an additional 352,754 shares during the last quarter. Finally, Northern Trust Corp lifted 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.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Wolfe Research started coverage on CubeSmart in a research report on Monday, May 19th. They set an "outperform" rating and a $48.00 target price on the stock. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Scotiabank upped their price objective 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. Evercore ISI raised their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Finally, Mizuho lifted 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. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $47.33.

CubeSmart Stock Up 1.2%

CubeSmart stock traded up $0.50 during trading hours on Thursday, hitting $42.54. The company had a trading volume of 1,438,753 shares, compared to its average volume of 1,803,632. The firm has a market capitalization of $9.70 billion, a P/E ratio of 24.03, 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. The firm's fifty day moving average is $40.66 and its 200-day moving average is $42.65. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results 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. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. During the same period in the previous year, the company posted $0.64 EPS. CubeSmart's revenue was up 4.4% on a year-over-year basis. On average, research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 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.