Nomura Asset Management Co. Ltd. Purchases 14,130 Shares of CubeSmart (NYSE:CUBE)

Nomura Asset Management Co. Ltd. raised its stake in CubeSmart (NYSE:CUBE - Free Report) by 4.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,102 shares of the real estate investment trust's stock after buying an additional 14,130 shares during the period. Nomura Asset Management Co. Ltd. owned 0.13% of CubeSmart worth $13,074,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CUBE. New Age Alpha Advisors LLC acquired a new stake in shares of CubeSmart during the 4th quarter valued at $7,152,000. Norges Bank bought a new position in CubeSmart in the fourth quarter valued at about $408,064,000. JPMorgan Chase & Co. boosted its stake in shares of CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after purchasing an additional 352,754 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of CubeSmart by 2.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 149,679 shares of the real estate investment trust's stock worth $6,334,000 after purchasing an additional 4,076 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of CubeSmart by 380.8% in the fourth 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. Institutional investors own 97.61% of the company's stock.

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Analyst Ratings Changes

CUBE has been the topic of a number of research reports. Jefferies Financial Group lowered shares of CubeSmart from a "buy" rating to a "hold" rating and reduced their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Royal Bank of Canada reduced 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. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and decreased their price objective for the company from $50.00 to $47.00 in a report on Friday, January 17th. Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Finally, Scotiabank cut CubeSmart from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $48.00.

CubeSmart Trading Down 3.8 %

NYSE CUBE traded down $1.58 during trading hours on Friday, hitting $39.51. 2,997,186 shares of the company's stock were exchanged, compared to its average volume of 1,411,294. The firm has a market cap of $9.00 billion, a price-to-earnings ratio of 22.32, a PEG ratio of 11.58 and a beta of 0.85. The stock has a 50-day simple moving average of $41.90 and a 200 day simple moving average of $45.40. 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 has a 1-year low of $39.35 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping the consensus estimate of $0.45 by $0.23. The company had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The business 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 $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.26%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is currently 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.