Raymond James Financial Inc. bought a new position in CubeSmart (NYSE:CUBE - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 496,561 shares of the real estate investment trust's stock, valued at approximately $21,278,000. Raymond James Financial Inc. owned 0.22% of CubeSmart as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Oak Thistle LLC grew its holdings in CubeSmart by 232.9% in the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock worth $1,383,000 after acquiring an additional 22,582 shares during the last quarter. Entropy Technologies LP bought a new stake in CubeSmart in the 4th quarter worth $445,000. BNP Paribas Financial Markets grew its holdings in CubeSmart by 32.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust's stock worth $8,531,000 after acquiring an additional 39,270 shares during the last quarter. Franklin Resources Inc. grew its holdings in CubeSmart by 13.1% in the 3rd quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust's stock worth $15,950,000 after acquiring an additional 36,919 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in CubeSmart in the 3rd quarter worth $628,000. Hedge funds and other institutional investors own 97.61% of the company's stock.
CubeSmart Stock Up 0.1 %
NYSE:CUBE traded up $0.05 during mid-day trading on Thursday, hitting $42.04. 1,491,682 shares of the company's stock were exchanged, compared to its average volume of 1,334,266. CubeSmart has a one year low of $39.80 and a one year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The business has a fifty day moving average price of $41.77 and a 200 day moving average price of $46.28. The company has a market cap of $9.58 billion, a PE ratio of 23.75, a P/E/G 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. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. Equities analysts predict that CubeSmart will post 2.64 EPS for the current year.
CubeSmart Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.95%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart's payout ratio is currently 120.93%.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on CUBE shares. Royal Bank of Canada cut their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Jefferies Financial Group lowered shares of CubeSmart from a "buy" rating to a "hold" rating and cut their price target for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Wells Fargo & Company cut their target price on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research note on Thursday, March 6th. Finally, Truist Financial raised shares of CubeSmart from a "hold" rating to a "buy" rating and cut their target price for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart presently has a consensus rating of "Hold" and an average price target of $48.00.
View Our Latest Stock Analysis on CubeSmart
CubeSmart 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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