41,500 Shares in CubeSmart (NYSE:CUBE) Purchased by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in CubeSmart (NYSE:CUBE - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 41,500 shares of the real estate investment trust's stock, valued at approximately $1,778,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CUBE. Versant Capital Management Inc boosted its holdings in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 673 shares in the last quarter. Blue Trust Inc. boosted its stake in CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp grew its position in CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares during the last quarter. SRS Capital Advisors Inc. increased its stake in CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 559 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of CubeSmart by 59.4% in the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock worth $40,000 after buying an additional 351 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

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CubeSmart Price Performance

Shares of CUBE stock traded up $0.18 during mid-day trading on Monday, hitting $41.79. 1,339,922 shares of the stock were exchanged, compared to its average volume of 1,339,708. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. 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 company has a market cap of $9.52 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. The firm has a fifty day moving average of $41.81 and a 200 day moving average of $46.10.

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, topping analysts' consensus estimates of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. Research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.98%. The ex-dividend date is Tuesday, April 1st. CubeSmart's payout ratio is presently 120.93%.

Analyst Upgrades and Downgrades

CUBE has been the topic of a number of research analyst reports. Barclays dropped their price objective on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and cut their price objective for the company from $50.00 to $47.00 in a report on Friday, January 17th. Wells Fargo & Company decreased their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Scotiabank downgraded shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and cut their price target for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Finally, Jefferies Financial Group cut shares of CubeSmart from a "buy" rating to a "hold" rating and decreased their price objective 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 assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $48.00.

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.