Knights of Columbus Asset Advisors LLC Acquires Shares of 68,893 CubeSmart (NYSE:CUBE)

Knights of Columbus Asset Advisors LLC bought a new stake in shares of CubeSmart (NYSE:CUBE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 68,893 shares of the real estate investment trust's stock, valued at approximately $2,952,000.

Several other hedge funds have also made changes to their positions in CUBE. Howard Capital Management Group LLC bought a new stake in shares of CubeSmart in the third quarter valued at about $212,000. Natixis Advisors LLC increased its position in CubeSmart by 4.6% during the 3rd quarter. Natixis Advisors LLC now owns 71,126 shares of the real estate investment trust's stock valued at $3,829,000 after purchasing an additional 3,131 shares during the period. Pathstone Holdings LLC raised its holdings in shares of CubeSmart by 1.5% in the 3rd quarter. Pathstone Holdings LLC now owns 73,279 shares of the real estate investment trust's stock valued at $3,945,000 after purchasing an additional 1,076 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of CubeSmart by 11.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 5,010 shares of the real estate investment trust's stock valued at $270,000 after purchasing an additional 529 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of CubeSmart by 4.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust's stock worth $163,260,000 after purchasing an additional 135,211 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and cut their price objective for the company from $46.00 to $45.00 in a report on Friday, January 10th. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and cut their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. Barclays decreased their price objective on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Royal Bank of Canada cut their target price on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Finally, Wells Fargo & Company decreased 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. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $48.00.

CubeSmart Stock Down 1.5 %

Shares of CUBE traded down $0.62 during mid-day trading on Tuesday, hitting $41.11. 996,441 shares of the company traded hands, compared to its average volume of 1,339,640. The company has a market capitalization of $9.37 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The business has a 50 day moving average of $41.84 and a 200 day moving average of $46.04. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. Equities research analysts anticipate 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. Shareholders of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 5.06%. CubeSmart's payout ratio is presently 120.93%.

CubeSmart Company 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.