Arrowstreet Capital Limited Partnership Buys 160,880 Shares of CubeSmart (NYSE:CUBE)

Arrowstreet Capital Limited Partnership increased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 45.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 513,921 shares of the real estate investment trust's stock after buying an additional 160,880 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.23% of CubeSmart worth $22,022,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CUBE. Norges Bank bought a new position in shares of CubeSmart in the fourth quarter worth about $408,064,000. Prudential Financial Inc. lifted its stake in CubeSmart by 380.8% in the 4th quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust's stock valued at $29,562,000 after purchasing an additional 546,387 shares during the last quarter. Raymond James Financial Inc. bought a new position in CubeSmart in the 4th quarter valued at approximately $21,278,000. SG Americas Securities LLC boosted its position in CubeSmart by 10,685.4% in the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust's stock valued at $20,936,000 after buying an additional 484,049 shares in the last quarter. Finally, Presima Securities ULC grew its stake in shares of CubeSmart by 4,092.4% during the fourth quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust's stock worth $19,042,000 after buying an additional 433,790 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CUBE has been the subject of a number of research reports. Royal Bank of Canada dropped their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Jefferies Financial Group downgraded CubeSmart from a "buy" rating to a "hold" rating and dropped their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and reduced their price target for the stock from $46.00 to $45.00 in a report on Friday, January 10th. 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 report on Thursday, March 6th. Finally, Wells Fargo & Company reduced their target price on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $48.00.

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CubeSmart Trading Down 4.2 %

NYSE CUBE traded down $1.56 during mid-day trading on Tuesday, reaching $35.88. 2,536,538 shares of the stock were exchanged, compared to its average volume of 1,423,144. The stock has a market cap of $8.18 billion, a P/E ratio of 20.27, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a one year low of $35.60 and a one year high of $55.14. The stock has a 50 day simple moving average of $41.56 and a 200-day simple moving average of $44.97.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.23. The firm had revenue of $231.41 million during 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, analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.80%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart's payout ratio is 120.93%.

CubeSmart 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.