Pinebridge Investments L.P. Raises Stock Holdings in CubeSmart (NYSE:CUBE)

Pinebridge Investments L.P. increased its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 77.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,506 shares of the real estate investment trust's stock after purchasing an additional 42,993 shares during the period. Pinebridge Investments L.P.'s holdings in CubeSmart were worth $4,221,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Bank of Montreal Can grew its holdings in 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 worth $3,021,000 after acquiring an additional 11,608 shares during the last quarter. Norges Bank acquired a new position in CubeSmart during the fourth quarter worth $408,064,000. Raymond James Financial Inc. bought a new position in CubeSmart in the 4th quarter valued at about $21,278,000. Oak Thistle LLC increased its holdings in shares of CubeSmart by 232.9% during the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock worth $1,383,000 after purchasing an additional 22,582 shares during the period. Finally, LPL Financial LLC increased its holdings in shares of CubeSmart by 19.2% during the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock worth $4,654,000 after purchasing an additional 17,518 shares during the period. Institutional investors own 97.61% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CUBE shares. Royal Bank of Canada cut their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and lowered their target price for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Jefferies Financial Group cut CubeSmart from a "buy" rating to a "hold" rating and reduced their price target for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Scotiabank cut CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Finally, Mizuho assumed coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $47.31.

CubeSmart Stock Up 0.2 %

CubeSmart stock traded up $0.08 during midday trading on Thursday, reaching $40.75. The company's stock had a trading volume of 500,074 shares, compared to its average volume of 1,449,530. The stock's 50-day simple moving average is $40.58 and its 200-day simple moving average is $43.53. 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 stock has a market capitalization of $9.33 billion, a P/E ratio of 23.00, a PEG ratio of 11.58 and a beta of 0.85. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping the consensus estimate of $0.45 by $0.23. The firm had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. On average, sell-side analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 5.10%. CubeSmart's dividend payout ratio is currently 120.93%.

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.