28,000 Shares in CubeSmart (NYSE:CUBE) Acquired by National Bank of Canada FI

National Bank of Canada FI purchased a new stake in shares of CubeSmart (NYSE:CUBE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 28,000 shares of the real estate investment trust's stock, valued at approximately $1,200,000.

Several other hedge funds have also recently bought and sold shares of CUBE. Norges Bank purchased a new stake in shares of CubeSmart in the fourth quarter worth approximately $408,064,000. Prudential Financial Inc. boosted its stake in shares of CubeSmart by 380.8% during the 4th quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust's stock valued at $29,562,000 after buying an additional 546,387 shares during the period. Raymond James Financial Inc. purchased a new position in shares of CubeSmart during the 4th quarter valued at $21,278,000. SG Americas Securities LLC grew its holdings in shares of CubeSmart by 10,685.4% during the 4th quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust's stock valued at $20,936,000 after acquiring an additional 484,049 shares in the last quarter. Finally, Presima Securities ULC increased its stake in shares of CubeSmart by 4,092.4% in the fourth quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust's stock worth $19,042,000 after acquiring an additional 433,790 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of recent research reports. Wells Fargo & Company lowered their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Scotiabank downgraded CubeSmart from a "sector outperform" rating to a "sector perform" rating and cut their price objective for the company 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 dropped their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Jefferies Financial Group downgraded 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. Finally, KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $47.31.

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CubeSmart Price Performance

NYSE:CUBE traded up $0.40 during mid-day trading on Monday, hitting $38.10. The company's stock had a trading volume of 99,430 shares, compared to its average volume of 1,430,868. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of 21.52, a P/E/G ratio of 11.58 and a beta of 0.85. The stock has a fifty day moving average of $41.25 and a 200-day moving average of $44.52. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping 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 net margin of 37.79% and a return on equity of 14.33%. As a group, equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date is Tuesday, April 1st. CubeSmart's dividend payout ratio is presently 120.93%.

About CubeSmart

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.