Norges Bank purchased a new position in shares of CubeSmart (NYSE:CUBE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 9,523,077 shares of the real estate investment trust's stock, valued at approximately $408,064,000. Norges Bank owned approximately 4.21% of CubeSmart at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its holdings in shares of CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after purchasing an additional 352,754 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in CubeSmart by 2.8% during the 4th 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 buying an additional 4,076 shares in the last quarter. Prudential Financial Inc. boosted its position in CubeSmart by 380.8% in 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 last quarter. Syntax Research Inc. increased its stake in shares of CubeSmart by 2,445.7% in the 4th quarter. Syntax Research Inc. now owns 10,412 shares of the real estate investment trust's stock valued at $446,000 after buying an additional 10,003 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of CubeSmart by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock worth $1,350,080,000 after acquiring an additional 85,609 shares during the last quarter. Institutional investors own 97.61% of the company's stock.
CubeSmart Trading Down 1.0 %
CubeSmart stock traded down $0.41 during mid-day trading on Thursday, hitting $41.58. 325,785 shares of the company's stock were exchanged, compared to its average volume of 1,399,186. The company's 50 day simple moving average is $41.95 and its 200-day simple moving average is $45.54. 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 firm has a market capitalization of $9.48 billion, a P/E ratio of 23.49, a PEG ratio of 11.58 and a beta of 0.88. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. On average, equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 5.00%. CubeSmart's dividend payout ratio is currently 120.93%.
Analysts Set New Price Targets
A number of analysts recently commented on CUBE shares. Wells Fargo & Company lowered their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Royal Bank of Canada dropped their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and lowered their target price for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Finally, Jefferies Financial Group downgraded CubeSmart from a "buy" rating to a "hold" rating and cut their price target for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, CubeSmart has a consensus rating of "Hold" and an average price target of $48.00.
Read Our Latest Stock Analysis on CubeSmart
CubeSmart Company Profile
(
Free Report)
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.
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