Polymer Capital Management US LLC Invests $826,000 in CubeSmart (NYSE:CUBE)

Polymer Capital Management US LLC purchased a new position in CubeSmart (NYSE:CUBE - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,281 shares of the real estate investment trust's stock, valued at approximately $826,000.

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

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Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CUBE shares. KeyCorp upgraded CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a report on Thursday, March 6th. Mizuho initiated coverage on CubeSmart in a research note on Wednesday. They issued a "neutral" rating and a $39.00 target price on the stock. Barclays decreased their price target on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. Jefferies Financial Group lowered 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 research note on Thursday, January 2nd. Finally, Scotiabank downgraded shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $47.31.

CubeSmart Stock Performance

NYSE CUBE traded up $0.59 during trading hours on Friday, reaching $37.64. The stock had a trading volume of 2,346,187 shares, compared to its average volume of 1,433,982. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a market cap of $8.58 billion, a P/E ratio of 21.26, a price-to-earnings-growth 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 $44.58.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. Sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 5.53%. 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.