CANADA LIFE ASSURANCE Co Grows Stock Position in CubeSmart (NYSE:CUBE)

CANADA LIFE ASSURANCE Co lifted its stake in CubeSmart (NYSE:CUBE - Free Report) by 4.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 440,099 shares of the real estate investment trust's stock after acquiring an additional 19,849 shares during the period. CANADA LIFE ASSURANCE Co owned 0.19% of CubeSmart worth $18,850,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Farringdon Capital Ltd. bought a new stake in shares of CubeSmart in the 4th quarter valued at about $329,000. Walleye Capital LLC purchased a new position in CubeSmart in the fourth quarter worth $315,000. Mariner LLC increased its position in shares of CubeSmart by 2.5% during the fourth quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock worth $585,000 after purchasing an additional 328 shares in the last quarter. Townsquare Capital LLC lifted its holdings in shares of CubeSmart by 11.5% during the 4th quarter. Townsquare Capital LLC now owns 6,777 shares of the real estate investment trust's stock valued at $290,000 after purchasing an additional 701 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in shares of CubeSmart by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 98,376 shares of the real estate investment trust's stock worth $4,215,000 after purchasing an additional 610 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CUBE. Scotiabank lowered 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 research report on Wednesday, March 5th. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a "sell" rating to a "hold" rating and cut their price target for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Barclays lowered their price objective on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Finally, Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and cut their target price for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $47.31.

CubeSmart Stock Performance

CubeSmart stock traded up $0.37 during mid-day trading on Thursday, hitting $39.94. The company had a trading volume of 1,684,833 shares, compared to its average volume of 1,438,341. The company has a market capitalization of $9.14 billion, a price-to-earnings ratio of 22.57, a P/E/G ratio of 11.58 and a beta of 0.85. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The company's fifty day moving average is $40.75 and its 200-day moving average is $43.89. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.23. The business 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%. Equities research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The business also recently disclosed 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. This represents a $2.08 dividend on an annualized basis and a yield of 5.21%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's dividend payout ratio is presently 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.