Cibc World Markets Corp Has $2.82 Million Stock Holdings in CubeSmart (NYSE:CUBE)

Cibc World Markets Corp grew its holdings in CubeSmart (NYSE:CUBE - Free Report) by 10.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 65,727 shares of the real estate investment trust's stock after purchasing an additional 6,213 shares during the period. Cibc World Markets Corp's holdings in CubeSmart were worth $2,816,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in CubeSmart by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust's stock worth $247,295,000 after buying an additional 50,340 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its position in CubeSmart by 6.0% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust's stock valued at $144,320,000 after purchasing an additional 191,862 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in CubeSmart by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,124,707 shares of the real estate investment trust's stock valued at $133,894,000 after purchasing an additional 91,822 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in CubeSmart by 2.0% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust's stock worth $118,487,000 after purchasing an additional 42,994 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in CubeSmart by 326.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust's stock worth $90,229,000 after purchasing an additional 1,282,995 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.

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CubeSmart Price Performance

CubeSmart stock traded down $0.62 during trading hours on Tuesday, hitting $41.11. 1,505,344 shares of the stock were exchanged, compared to its average volume of 1,339,640. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The business's 50-day moving average is $41.84 and its two-hundred day moving average is $46.04. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a market capitalization of $9.37 billion, a P/E ratio of 23.23, a P/E/G ratio of 11.58 and a beta of 0.88.

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 (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $267.54 million. Equities research analysts expect that CubeSmart will post 2.64 EPS 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 paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.06%. CubeSmart's dividend payout ratio (DPR) is currently 120.93%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CUBE. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and cut their target price for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Wells Fargo & Company reduced their price target on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Scotiabank downgraded shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Royal Bank of Canada reduced their target price on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Finally, Jefferies Financial Group cut CubeSmart from a "buy" rating to a "hold" rating and cut their price target for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $48.00.

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.