Twinbeech Capital LP Purchases 57,926 Shares of CubeSmart (NYSE:CUBE)

Twinbeech Capital LP grew its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 232.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 82,894 shares of the real estate investment trust's stock after acquiring an additional 57,926 shares during the period. Twinbeech Capital LP's holdings in CubeSmart were worth $3,552,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Montreal Can grew its position in shares of CubeSmart by 19.7% during the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock valued at $3,021,000 after acquiring an additional 11,608 shares during the period. Norges Bank bought a new position in shares of CubeSmart during the 4th quarter valued at approximately $408,064,000. Raymond James Financial Inc. bought a new position in shares of CubeSmart during the 4th quarter valued at approximately $21,278,000. LPL Financial LLC boosted its holdings in CubeSmart by 19.2% in the 4th quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock worth $4,654,000 after buying an additional 17,518 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after buying an additional 352,754 shares during the period. 97.61% of the stock is owned by institutional investors.

CubeSmart Price Performance

Shares of CubeSmart stock traded down $0.01 on Friday, hitting $41.26. 1,382,833 shares of the company traded hands, compared to its average volume of 1,494,385. The firm's 50-day simple moving average is $40.67 and its 200 day simple moving average is $42.77. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market cap of $9.41 billion, a P/E ratio of 23.31, a P/E/G ratio of 11.58 and a beta of 1.00. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. The firm 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 business's quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. Analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently disclosed 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. This represents a $2.08 annualized dividend and a dividend yield of 5.04%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is currently 123.08%.

Analysts Set New Price Targets

Several research firms recently commented on CUBE. Royal Bank of Canada cut their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Truist Financial raised their price objective on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Evercore ISI increased their target price 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. Barclays lowered their target price on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Finally, Wolfe Research initiated coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an "outperform" rating and a $48.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price 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.