CubeSmart (NYSE:CUBE) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in CubeSmart (NYSE:CUBE - Free Report) by 8.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,299,460 shares of the real estate investment trust's stock after purchasing an additional 352,754 shares during the quarter. JPMorgan Chase & Co. owned about 1.90% of CubeSmart worth $184,232,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after buying an additional 85,609 shares during the period. Geode Capital Management LLC raised its stake in shares of 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 valued at $247,295,000 after acquiring an additional 50,340 shares during the period. Cbre Investment Management Listed Real Assets LLC lifted its holdings in shares of CubeSmart by 6.0% during the 4th 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 acquiring an additional 191,862 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in CubeSmart by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,124,707 shares of the real estate investment trust's stock worth $133,894,000 after purchasing an additional 91,822 shares during the period. Finally, Duff & Phelps Investment Management Co. increased 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 valued at $118,487,000 after purchasing an additional 42,994 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

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CubeSmart Stock Down 2.2 %

CubeSmart stock traded down $0.93 during midday trading on Thursday, hitting $41.06. The stock had a trading volume of 1,953,328 shares, compared to its average volume of 1,721,373. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average price of $41.95 and a 200 day moving average price of $45.54. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The stock has a market cap of $9.36 billion, a P/E ratio of 23.20, 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 results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. Research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.07%. The ex-dividend date is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is presently 120.93%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Royal Bank of Canada dropped their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Scotiabank cut shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and lowered their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Finally, Jefferies Financial Group lowered shares of CubeSmart from a "buy" rating to a "hold" rating and cut their price objective for the stock 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 issued a buy rating to the company's stock. According to MarketBeat, CubeSmart has a consensus rating of "Hold" and a consensus target price of $48.00.

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.