Prudential Financial Inc. Increases Position in CubeSmart (NYSE:CUBE)

Prudential Financial Inc. increased its stake in CubeSmart (NYSE:CUBE - Free Report) by 380.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 689,886 shares of the real estate investment trust's stock after buying an additional 546,387 shares during the quarter. Prudential Financial Inc. owned about 0.31% of CubeSmart worth $29,562,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of CubeSmart by 326.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust's stock worth $90,229,000 after acquiring an additional 1,282,995 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of CubeSmart in the fourth quarter worth approximately $21,278,000. SG Americas Securities LLC lifted its stake in shares of CubeSmart by 10,685.4% during the 4th quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust's stock worth $20,936,000 after acquiring an additional 484,049 shares during the last quarter. Presima Securities ULC boosted its holdings in CubeSmart by 4,092.4% during the 4th quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust's stock valued at $19,042,000 after acquiring an additional 433,790 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC grew its position in CubeSmart by 6.0% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust's stock valued at $144,320,000 after acquiring an additional 191,862 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

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CubeSmart Stock Up 1.0 %

CUBE stock traded up $0.42 during trading on Friday, reaching $42.03. 1,221,672 shares of the company traded hands, compared to its average volume of 1,386,091. The business has a 50 day simple moving average of $41.88 and a 200 day simple moving average of $45.72. CubeSmart has a 12 month low of $39.80 and a 12 month 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 company has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE - Get Free Report) last posted 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 firm had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.95%. CubeSmart's payout ratio is 120.93%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CUBE shares. Truist Financial raised shares of CubeSmart from a "hold" rating to a "buy" rating and lowered their target price for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Wells Fargo & Company lowered their price objective on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and reduced their target price for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Jefferies Financial Group lowered CubeSmart from a "buy" rating to a "hold" rating and lowered their price target for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, Royal Bank of Canada reduced their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $48.00.

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.