Walleye Capital LLC Buys New Shares in CubeSmart (NYSE:CUBE)

Walleye Capital LLC acquired a new position in shares of CubeSmart (NYSE:CUBE - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,340 shares of the real estate investment trust's stock, valued at approximately $315,000.

Several other large investors also recently modified their holdings of CUBE. Howard Capital Management Group LLC acquired a new stake in shares of CubeSmart during the third quarter worth $212,000. Barclays PLC boosted its stake in CubeSmart by 54.0% during the third quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust's stock worth $17,793,000 after acquiring an additional 115,904 shares in the last quarter. Virtu Financial LLC bought a new position in CubeSmart during the third quarter worth $566,000. Anchor Investment Management LLC bought a new position in CubeSmart during the third quarter worth $79,000. Finally, Tidal Investments LLC boosted its stake in CubeSmart by 24.7% during the third quarter. Tidal Investments LLC now owns 141,099 shares of the real estate investment trust's stock worth $7,523,000 after acquiring an additional 27,912 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and cut their target price for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Scotiabank cut shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Mizuho assumed coverage on CubeSmart in a research note on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price target for the company. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. Finally, Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and dropped their target price for the company from $50.00 to $47.00 in a report on Friday, January 17th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $47.31.

CubeSmart Stock Performance

NYSE CUBE traded up $1.28 during trading on Wednesday, hitting $40.63. 2,593,966 shares of the company's stock traded hands, compared to its average volume of 1,453,034. The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of 22.95, a PEG 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 business has a 50 day moving average of $40.58 and a 200-day moving average of $43.53. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's payout ratio is presently 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.