Centersquare Investment Management LLC Grows Stake in CubeSmart (NYSE:CUBE)

Centersquare Investment Management LLC increased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 31.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,910,373 shares of the real estate investment trust's stock after buying an additional 462,373 shares during the quarter. Centersquare Investment Management LLC owned 0.84% of CubeSmart worth $81,859,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CUBE. Quarry LP raised its position in CubeSmart by 19.8% in the third quarter. Quarry LP now owns 1,371 shares of the real estate investment trust's stock valued at $74,000 after purchasing an additional 227 shares during the last quarter. HighTower Advisors LLC raised its holdings in CubeSmart by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust's stock valued at $1,758,000 after buying an additional 243 shares during the last quarter. Captrust Financial Advisors boosted its position in CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust's stock worth $309,000 after buying an additional 248 shares during the period. Blue Trust Inc. boosted its position in CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after buying an additional 289 shares during the period. Finally, Thrivent Financial for Lutherans grew its holdings in CubeSmart by 0.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock worth $2,280,000 after acquiring an additional 306 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

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CubeSmart Stock Performance

Shares of CUBE traded down $0.51 during trading hours on Wednesday, hitting $35.37. The company's stock had a trading volume of 548,812 shares, compared to its average volume of 1,743,362. The company has a market cap of $8.06 billion, a price-to-earnings ratio of 19.98, a PEG 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. The business has a 50 day simple moving average of $41.56 and a two-hundred day simple moving average of $44.97. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14.

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

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.88%. The ex-dividend date is Tuesday, April 1st. CubeSmart's dividend payout ratio is presently 120.93%.

Wall Street Analyst Weigh In

CUBE has been the subject of a number of recent research reports. Truist Financial upgraded 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. Royal Bank of Canada reduced their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Mizuho initiated coverage on CubeSmart in a report on Wednesday. They set a "neutral" rating and a $39.00 price objective for the company. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Finally, Wells Fargo & Company cut their price objective 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. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $47.31.

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.