Nordea Investment Management AB Purchases 19,012 Shares of CubeSmart (NYSE:CUBE)

Nordea Investment Management AB raised its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 4.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 427,579 shares of the real estate investment trust's stock after acquiring an additional 19,012 shares during the period. Nordea Investment Management AB owned approximately 0.19% of CubeSmart worth $18,305,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CUBE. Versant Capital Management Inc raised its holdings in CubeSmart by 9,614.3% in the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock valued at $29,000 after acquiring an additional 673 shares in the last quarter. UMB Bank n.a. raised its stake in shares of CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of CubeSmart in the second quarter valued at $33,000. Peterson Financial Group Inc. bought a new position in CubeSmart in the third quarter worth $33,000. Finally, Quarry LP boosted its stake in CubeSmart by 195.6% during the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust's stock worth $52,000 after buying an additional 757 shares in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Price Performance

Shares of NYSE:CUBE traded down $0.29 during midday trading on Thursday, reaching $41.28. The company's stock had a trading volume of 1,167,385 shares, compared to its average volume of 1,077,917. The business's fifty day simple moving average is $46.16 and its 200-day simple moving average is $48.28. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. The company has a market capitalization of $9.34 billion, a P/E ratio of 23.32, a P/E/G ratio of 13.00 and a beta of 0.87.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. During the same quarter in the previous year, the business posted $0.68 EPS. The company's revenue was up 1.1% compared to the same quarter last year. As a group, equities research analysts expect that CubeSmart will post 2.63 EPS for the current fiscal year.

CubeSmart Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.52 per share. This is a boost from CubeSmart's previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 5.04%. The ex-dividend date is Thursday, January 2nd. CubeSmart's payout ratio is currently 117.51%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CUBE shares. Jefferies Financial Group downgraded shares of CubeSmart from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Evercore ISI raised their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an "in-line" rating in a research note on Monday, September 16th. Wells Fargo & Company upped their price objective on CubeSmart from $48.00 to $50.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. Scotiabank cut their target price on CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating for the company in a research report on Monday, November 25th. Finally, Barclays decreased their price target on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $49.91.

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.