Hennion & Walsh Asset Management Inc. lifted its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 55.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 24,940 shares of the real estate investment trust's stock after purchasing an additional 8,873 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in CubeSmart were worth $1,069,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in CUBE. UMB Bank n.a. lifted its holdings in CubeSmart by 302.0% in the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust's stock worth $32,000 after buying an additional 444 shares during the period. Peterson Financial Group Inc. bought a new position in shares of CubeSmart during the third quarter valued at approximately $33,000. Versant Capital Management Inc lifted its stake in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 673 shares during the period. Brooklyn Investment Group bought a new stake in CubeSmart in the third quarter valued at $59,000. Finally, Quarry LP increased its position in CubeSmart by 195.6% during the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust's stock valued at $52,000 after purchasing an additional 757 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on the company. Royal Bank of Canada reduced their target price on CubeSmart from $56.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, November 4th. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and dropped their price target for the company from $50.00 to $47.00 in a research report on Friday. Jefferies Financial Group downgraded CubeSmart from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Scotiabank dropped their target price on shares of CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating on the stock in a report on Monday, November 25th. Finally, 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 note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, CubeSmart currently has an average rating of "Hold" and a consensus price target of $49.73.
Check Out Our Latest Stock Report on CUBE
CubeSmart Stock Performance
Shares of NYSE:CUBE traded down $0.08 during trading on Monday, hitting $41.41. The company's stock had a trading volume of 1,551,839 shares, compared to its average volume of 1,177,162. 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 firm has a market cap of $9.36 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 11.06 and a beta of 0.87. The company has a 50-day moving average of $45.30 and a 200-day moving average of $48.17. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.24). The business had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm's revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.68 earnings per share. On average, sell-side analysts expect that CubeSmart will post 2.63 earnings per share for the current year.
CubeSmart Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.02%. This is a positive change from CubeSmart's previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart's dividend payout ratio is currently 117.51%.
CubeSmart Profile
(
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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