Capital World Investors Has $126.16 Million Stock Position in CubeSmart (NYSE:CUBE)

Capital World Investors lifted its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 184.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,944,248 shares of the real estate investment trust's stock after acquiring an additional 1,909,496 shares during the period. Capital World Investors owned approximately 1.30% of CubeSmart worth $126,161,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Montreal Can boosted its position in CubeSmart by 19.7% in the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock valued at $3,021,000 after buying an additional 11,608 shares during the last quarter. Norges Bank acquired a new stake in shares of CubeSmart in the fourth quarter worth $408,064,000. Raymond James Financial Inc. purchased a new position in shares of CubeSmart during the fourth quarter worth $21,278,000. Oak Thistle LLC lifted its position in CubeSmart by 232.9% during the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock valued at $1,383,000 after purchasing an additional 22,582 shares during the period. Finally, LPL Financial LLC grew its position in CubeSmart by 19.2% during the 4th quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock worth $4,654,000 after purchasing an additional 17,518 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on CUBE. Deutsche Bank Aktiengesellschaft raised CubeSmart from a "sell" rating to a "hold" rating and dropped their target price 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 research report on Thursday, March 6th. Royal Bank of Canada reduced their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Wells Fargo & Company decreased their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Finally, Truist Financial raised shares of CubeSmart from a "hold" rating to a "buy" rating and decreased their price objective for the company from $50.00 to $47.00 in a report on Friday, January 17th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $47.31.

CubeSmart Trading Down 0.4 %

Shares of NYSE CUBE traded down $0.16 during mid-day trading on Friday, reaching $39.79. 1,248,765 shares of the company's stock were exchanged, compared to its average volume of 1,437,587. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The firm has a market capitalization of $9.11 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 11.58 and a beta of 0.85. The company's 50-day moving average is $40.72 and its 200-day moving average is $43.81.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to analysts' expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. Analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid 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 5.23%. CubeSmart's dividend payout ratio (DPR) is presently 120.93%.

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.