Tudor Investment Corp ET AL Boosts Stock Position in CubeSmart (NYSE:CUBE)

Tudor Investment Corp ET AL increased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 470.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,293 shares of the real estate investment trust's stock after purchasing an additional 178,350 shares during the period. Tudor Investment Corp ET AL owned 0.10% of CubeSmart worth $9,268,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CUBE. Bank of Montreal Can boosted its stake in CubeSmart by 19.7% during the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock valued at $3,021,000 after buying an additional 11,608 shares during the last quarter. Norges Bank bought a new position in shares of CubeSmart during the 4th quarter valued at approximately $408,064,000. Raymond James Financial Inc. purchased a new position in shares of CubeSmart in the fourth quarter valued at $21,278,000. Oak Thistle LLC grew its holdings in shares of CubeSmart by 232.9% in the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock valued at $1,383,000 after purchasing an additional 22,582 shares in the last quarter. Finally, LPL Financial LLC increased its position in CubeSmart by 19.2% in 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 last quarter. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Trading Up 4.1 %

NYSE:CUBE traded up $1.68 during midday trading on Friday, hitting $42.63. The stock had a trading volume of 2,896,917 shares, compared to its average volume of 1,459,035. The stock has a 50-day moving average of $40.54 and a 200 day moving average of $43.41. The company has a market capitalization of $9.76 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 11.58 and a beta of 0.85. CubeSmart has a one year low of $34.24 and a one year high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. As a group, sell-side analysts forecast 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. Investors of record on Tuesday, April 1st were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's payout ratio is 120.93%.

Analyst Ratings Changes

CUBE has been the subject of a number of recent research reports. Royal Bank of Canada dropped their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. KeyCorp upgraded CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a "sell" rating to a "hold" rating and cut their target price for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and decreased their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. Finally, Scotiabank cut shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and cut their price objective for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, CubeSmart has a consensus rating of "Hold" and a consensus target price of $46.85.

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.