Principal Securities Inc. Acquires Shares of 21,881 CubeSmart (NYSE:CUBE)

Principal Securities Inc. purchased a new position in shares of CubeSmart (NYSE:CUBE - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 21,881 shares of the real estate investment trust's stock, valued at approximately $1,014,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Cary Street Partners Investment Advisory LLC boosted its holdings in CubeSmart by 22.3% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 5,761 shares of the real estate investment trust's stock valued at $220,000 after acquiring an additional 1,051 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of CubeSmart by 30.6% during the 4th quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust's stock worth $22,633,000 after purchasing an additional 113,571 shares during the period. Lecap Asset Management Ltd. acquired a new stake in CubeSmart during the 4th quarter worth approximately $1,370,000. DAVENPORT & Co LLC raised its holdings in CubeSmart by 24.4% in the fourth quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust's stock valued at $5,781,000 after buying an additional 24,483 shares during the period. Finally, New York Life Investment Management LLC acquired a new position in CubeSmart during the fourth quarter valued at approximately $1,180,000. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

Shares of CUBE stock traded up $0.23 during mid-day trading on Friday, hitting $42.69. 735,275 shares of the stock traded hands, compared to its average volume of 1,392,608. The company's 50-day simple moving average is $43.36 and its 200-day simple moving average is $42.70. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. CubeSmart has a twelve month low of $33.17 and a twelve month high of $47.81. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 23.72 and a beta of 0.72.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.64 by ($0.22). The firm had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The company's quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.65 EPS. As a group, equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart's payout ratio is 113.33%.

Analysts Set New Price Targets

Several brokerages recently commented on CUBE. Raymond James reiterated an "outperform" rating and set a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. Barclays initiated coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They issued an "equal weight" rating and a $48.00 target price for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They set a "sell" rating and a $40.00 price target on the stock. Evercore ISI upped their target price on CubeSmart from $43.00 to $45.00 and gave the company an "in-line" rating in a research report on Monday, March 4th. Finally, Wells Fargo & Company increased their price target on shares of CubeSmart from $42.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $46.33.

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.