KLP Kapitalforvaltning AS acquired a new position in shares of CubeSmart (NYSE:CUBE - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 49,800 shares of the real estate investment trust's stock, valued at approximately $2,134,000.
Other institutional investors have also added to or reduced their stakes in the company. 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 acquiring an additional 289 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares in the last quarter. Versant Capital Management Inc boosted its holdings in CubeSmart by 9,614.3% during the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 673 shares during the last quarter. SRS Capital Advisors Inc. grew its position in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 559 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in CubeSmart by 59.4% in the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock valued at $40,000 after buying an additional 351 shares during the last quarter. 97.61% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of research firms have recently commented on CUBE. Scotiabank downgraded shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Jefferies Financial Group cut shares of CubeSmart from a "buy" rating to a "hold" rating and decreased their target price for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $48.00.
Check Out Our Latest Report on CUBE
CubeSmart Stock Performance
Shares of NYSE:CUBE traded down $0.69 on Tuesday, hitting $42.02. The company had a trading volume of 3,929,118 shares, compared to its average volume of 1,401,304. The stock has a 50 day moving average price of $41.92 and a 200 day moving average price of $45.56. 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 stock has a market cap of $9.57 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million for 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%. 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 will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 4.95%. CubeSmart's dividend payout ratio (DPR) is presently 120.93%.
About CubeSmart
(
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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