First Trust Advisors LP Purchases 1,012,816 Shares of CubeSmart (NYSE:CUBE)

First Trust Advisors LP grew its holdings in CubeSmart (NYSE:CUBE - Free Report) by 851.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,131,808 shares of the real estate investment trust's stock after purchasing an additional 1,012,816 shares during the period. First Trust Advisors LP owned approximately 0.50% of CubeSmart worth $48,498,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CUBE. Norges Bank acquired a new position in shares of CubeSmart during the 4th quarter valued at about $408,064,000. Prudential Financial Inc. lifted its holdings in CubeSmart by 380.8% during the 4th quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust's stock worth $29,562,000 after buying an additional 546,387 shares in the last quarter. Raymond James Financial Inc. acquired a new position in CubeSmart in the fourth quarter valued at approximately $21,278,000. SG Americas Securities LLC boosted its position in shares of CubeSmart by 10,685.4% during the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust's stock worth $20,936,000 after purchasing an additional 484,049 shares in the last quarter. Finally, Centersquare Investment Management LLC increased its position in shares of CubeSmart by 31.9% during the fourth quarter. Centersquare Investment Management LLC now owns 1,910,373 shares of the real estate investment trust's stock worth $81,859,000 after acquiring an additional 462,373 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

CubeSmart stock traded down $0.29 during mid-day trading on Tuesday, reaching $39.33. The company had a trading volume of 251,495 shares, compared to its average volume of 1,439,119. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The company has a market cap of $9.00 billion, a P/E ratio of 22.32, a P/E/G ratio of 11.58 and a beta of 0.85. 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 business has a fifty day simple moving average of $40.65 and a 200 day simple moving average of $43.57.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $231.41 million during the quarter, compared to analysts' expectations of $267.54 million. On average, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 5.29%. CubeSmart's dividend payout ratio is currently 120.93%.

Analysts Set New Price Targets

Several research analysts recently commented on CUBE shares. Jefferies Financial Group cut shares of CubeSmart from a "buy" rating to a "hold" rating and reduced their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Royal Bank of Canada decreased their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Finally, Barclays reduced their price target on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $47.31.

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.