T. Rowe Price Investment Management Inc. Has $288.26 Million Stock Position in CubeSmart (NYSE:CUBE)

T. Rowe Price Investment Management Inc. grew its holdings in CubeSmart (NYSE:CUBE - Free Report) by 27.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,727,155 shares of the real estate investment trust's stock after buying an additional 1,464,331 shares during the quarter. T. Rowe Price Investment Management Inc. owned 2.97% of CubeSmart worth $288,259,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in CubeSmart during the 4th quarter worth about $408,064,000. Capital World Investors boosted its stake in shares of CubeSmart by 184.5% during the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock worth $126,161,000 after buying an additional 1,909,496 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of CubeSmart by 851.2% during the 4th quarter. First Trust Advisors LP now owns 1,131,808 shares of the real estate investment trust's stock worth $48,498,000 after buying an additional 1,012,816 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of 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 during the last quarter. Finally, Raymond James Financial Inc. bought a new position in CubeSmart during the fourth quarter worth about $21,278,000. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Stock Performance

CubeSmart stock traded down $0.17 during midday trading on Tuesday, hitting $39.45. 533,446 shares of the company's stock were exchanged, compared to its average volume of 1,440,264. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm's 50 day simple moving average is $40.65 and its 200 day simple moving average is $43.57.

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

CubeSmart Dividend Announcement

The firm also recently disclosed 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 was Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 5.27%. CubeSmart's payout ratio is presently 120.93%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Scotiabank cut CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Jefferies Financial Group lowered CubeSmart from a "buy" rating to a "hold" rating and lowered their target price for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Mizuho started coverage on shares of CubeSmart in a report on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 price target on the stock. Finally, Royal Bank of Canada lowered their target price on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target 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.