Massachusetts Financial Services Co. MA Raises Stock Position in CubeSmart (NYSE:CUBE)

Massachusetts Financial Services Co. MA grew its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 52.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,806,196 shares of the real estate investment trust's stock after purchasing an additional 965,006 shares during the period. Massachusetts Financial Services Co. MA owned about 1.25% of CubeSmart worth $130,067,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Albion Financial Group UT grew its position in CubeSmart by 0.3% during the 4th quarter. Albion Financial Group UT now owns 79,508 shares of the real estate investment trust's stock worth $3,685,000 after acquiring an additional 254 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of CubeSmart by 1.2% in the third quarter. Toronto Dominion Bank now owns 24,631 shares of the real estate investment trust's stock worth $939,000 after buying an additional 281 shares during the period. Signaturefd LLC increased its stake in shares of CubeSmart by 72.5% in the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust's stock worth $32,000 after buying an additional 292 shares during the period. HHM Wealth Advisors LLC raised its holdings in CubeSmart by 53.1% during the 4th quarter. HHM Wealth Advisors LLC now owns 1,035 shares of the real estate investment trust's stock valued at $48,000 after buying an additional 359 shares during the last quarter. Finally, IFG Advisory LLC boosted its position in CubeSmart by 4.5% during the 4th quarter. IFG Advisory LLC now owns 8,662 shares of the real estate investment trust's stock valued at $402,000 after buying an additional 372 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

CubeSmart Stock Up 1.9 %

Shares of CUBE stock traded up $0.80 during trading hours on Thursday, hitting $43.86. 1,745,065 shares of the company's stock traded hands, compared to its average volume of 1,473,260. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The stock's fifty day simple moving average is $43.26 and its two-hundred day simple moving average is $42.83. CubeSmart has a 12-month low of $33.17 and a 12-month high of $47.81. The stock has a market cap of $9.87 billion, a price-to-earnings ratio of 24.37 and a beta of 0.72.

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

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.04 dividend on an annualized basis and a yield of 4.65%. CubeSmart's dividend payout ratio is currently 113.33%.

About CubeSmart

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.