Mesirow Institutional Investment Management Inc. increased its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 20.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,420 shares of the real estate investment trust's stock after purchasing an additional 13,904 shares during the period. Mesirow Institutional Investment Management Inc.'s holdings in CubeSmart were worth $3,446,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CUBE. MetLife Investment Management LLC raised its stake in CubeSmart by 8.8% during the 4th quarter. MetLife Investment Management LLC now owns 134,082 shares of the real estate investment trust's stock valued at $5,745,000 after buying an additional 10,880 shares during the last quarter. Natixis purchased a new stake in CubeSmart during the fourth quarter valued at $1,355,000. Capital World Investors lifted its holdings in CubeSmart by 184.5% in the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock valued at $126,161,000 after acquiring an additional 1,909,496 shares during the period. First Trust Advisors LP lifted its holdings in CubeSmart by 851.2% in the fourth quarter. First Trust Advisors LP now owns 1,131,808 shares of the real estate investment trust's stock valued at $48,498,000 after acquiring an additional 1,012,816 shares during the period. Finally, GeoWealth Management LLC boosted its position in CubeSmart by 16.2% in the fourth quarter. GeoWealth Management LLC now owns 3,074 shares of the real estate investment trust's stock worth $132,000 after purchasing an additional 429 shares during the last quarter. Institutional investors own 97.61% of the company's stock.
CubeSmart Price Performance
CUBE stock traded up $0.37 during midday trading on Thursday, hitting $39.94. The company's stock had a trading volume of 1,684,833 shares, compared to its average volume of 1,439,308. 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 has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a 50 day moving average of $40.75 and a two-hundred day moving average of $43.89. The firm has a market capitalization of $9.14 billion, a price-to-earnings ratio of 22.57, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85.
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 for the quarter, topping analysts' consensus estimates of $0.45 by $0.23. The firm had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, analysts expect that CubeSmart will post 2.64 EPS for the current year.
CubeSmart Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were paid 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 was Tuesday, April 1st. CubeSmart's payout ratio is presently 120.93%.
Analyst Ratings Changes
Several equities research analysts have recently commented on the stock. 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 research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a "sell" rating to a "hold" rating and decreased their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Scotiabank downgraded shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and cut their price objective for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Barclays decreased their target price on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Finally, Royal Bank of Canada cut 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. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $47.31.
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About CubeSmart
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Free Report)
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.
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