LPL Financial LLC Buys 17,518 Shares of CubeSmart (NYSE:CUBE)

LPL Financial LLC increased its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 19.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,610 shares of the real estate investment trust's stock after buying an additional 17,518 shares during the quarter. LPL Financial LLC's holdings in CubeSmart were worth $4,654,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CUBE. Fox Run Management L.L.C. bought a new stake in CubeSmart in the 4th quarter valued at $206,000. KLP Kapitalforvaltning AS acquired a new stake in shares of CubeSmart during the 4th quarter valued at about $2,134,000. Knights of Columbus Asset Advisors LLC bought a new stake in CubeSmart in the fourth quarter valued at about $2,952,000. Quantbot Technologies LP acquired a new position in CubeSmart in the fourth quarter worth about $58,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in CubeSmart by 38.2% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 122,725 shares of the real estate investment trust's stock worth $5,259,000 after purchasing an additional 33,948 shares during the period. 97.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CUBE shares. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and lowered their price objective for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Scotiabank lowered CubeSmart from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Truist Financial upgraded shares of CubeSmart from a "hold" rating to a "buy" rating and reduced their target price for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Royal Bank of Canada dropped their target price on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Finally, Mizuho initiated coverage on shares of CubeSmart in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $47.31.

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CubeSmart Price Performance

Shares of CubeSmart stock traded up $0.37 during midday trading on Tuesday, reaching $38.68. The company had a trading volume of 137,664 shares, compared to its average volume of 1,766,972. The stock has a fifty day simple moving average of $41.17 and a 200 day simple moving average of $44.42. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. 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 company has a market capitalization of $8.85 billion, a price-to-earnings ratio of 21.85, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85.

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 the consensus estimate 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 return on equity of 14.33% and a net margin of 37.79%. As a group, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm 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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is 120.93%.

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.