Farringdon Capital Ltd. Acquires Shares of 7,671 CubeSmart (NYSE:CUBE)

Farringdon Capital Ltd. acquired a new position in shares of CubeSmart (NYSE:CUBE - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,671 shares of the real estate investment trust's stock, valued at approximately $329,000.

Several other large investors also recently added to or reduced their stakes in CUBE. Norges Bank purchased a new position in shares of CubeSmart in the fourth quarter valued at approximately $408,064,000. Prudential Financial Inc. increased its position in shares of CubeSmart by 380.8% during the fourth quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust's stock worth $29,562,000 after purchasing an additional 546,387 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of CubeSmart during the fourth quarter worth about $21,278,000. SG Americas Securities LLC increased its position in shares of CubeSmart by 10,685.4% during the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust's stock worth $20,936,000 after purchasing an additional 484,049 shares in the last quarter. Finally, Centersquare Investment Management LLC increased its position in shares of CubeSmart by 31.9% during the fourth quarter. Centersquare Investment Management LLC now owns 1,910,373 shares of the real estate investment trust's stock worth $81,859,000 after purchasing an additional 462,373 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Trading Up 1.6 %

Shares of NYSE CUBE traded up $0.63 during midday trading on Thursday, hitting $40.20. The stock had a trading volume of 332,495 shares, compared to its average volume of 1,728,504. The company has a fifty day moving average price of $40.75 and a 200 day moving average price of $43.89. The company has a market capitalization of $9.20 billion, a price-to-earnings ratio of 22.72, a PEG ratio of 11.58 and a beta of 0.85. CubeSmart has a 1-year low of $34.24 and a 1-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 earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.23. The firm had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.17%. The ex-dividend date was Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is 120.93%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CUBE. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and dropped their price target for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Royal Bank of Canada lowered their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Scotiabank lowered CubeSmart from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Jefferies Financial Group lowered CubeSmart from a "buy" rating to a "hold" rating and lowered their price objective for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, Barclays lowered their price objective on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, CubeSmart currently has a consensus rating of "Hold" and a consensus target price 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.