Bank of Montreal Can Boosts Stock Position in CubeSmart (NYSE:CUBE)

Bank of Montreal Can boosted its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 19.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 70,505 shares of the real estate investment trust's stock after buying an additional 11,608 shares during the quarter. Bank of Montreal Can's holdings in CubeSmart were worth $3,021,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 673 shares in the last quarter. Blue Trust Inc. raised its stake in shares of CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after acquiring an additional 289 shares during the period. Jones Financial Companies Lllp grew its stake in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares in the last quarter. SRS Capital Advisors Inc. lifted its stake in shares of CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 559 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in CubeSmart by 59.4% in the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock worth $40,000 after purchasing an additional 351 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Trading Up 2.7 %

Shares of CUBE traded up $1.03 during mid-day trading on Friday, hitting $39.50. 955,932 shares of the company's stock traded hands, compared to its average volume of 1,436,565. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The firm has a market capitalization of $9.04 billion, a P/E ratio of 22.31, a PEG ratio of 11.58 and a beta of 0.85. The business's 50-day moving average price is $40.91 and its 200-day moving average price is $44.15. 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 data on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping 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 firm had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. As a group, sell-side analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently declared 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 dividend payout ratio is currently 120.93%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CUBE. Barclays reduced their target price on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. Scotiabank downgraded CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Jefferies Financial Group cut CubeSmart from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research note on Thursday, March 6th. Finally, Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $47.31.

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.