90,010 Shares in CubeSmart (NYSE:CUBE) Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. purchased a new stake in shares of CubeSmart (NYSE:CUBE - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 90,010 shares of the real estate investment trust's stock, valued at approximately $3,835,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of CubeSmart in the 4th quarter worth approximately $408,064,000. Prudential Financial Inc. increased its stake in CubeSmart by 380.8% during 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 purchasing an additional 546,387 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of CubeSmart during the fourth quarter valued at about $21,278,000. SG Americas Securities LLC increased its position in shares of CubeSmart by 10,685.4% during the fourth 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 in the last quarter. Finally, Centersquare Investment Management LLC raised its stake in shares of CubeSmart by 31.9% in the fourth quarter. Centersquare Investment Management LLC now owns 1,910,373 shares of the real estate investment trust's stock worth $81,859,000 after purchasing an additional 462,373 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CUBE. Barclays dropped their price target on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and lowered their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th. KeyCorp raised 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, April 9th. They set a "neutral" rating and a $39.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised CubeSmart from a "sell" rating to a "hold" rating and dropped their price objective for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $47.31.

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CubeSmart Stock Performance

Shares of CubeSmart stock traded up $0.53 on Tuesday, hitting $38.84. 294,295 shares of the company's stock were exchanged, compared to its average volume of 1,435,179. 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 capitalization of $8.89 billion, a PE ratio of 21.87, a PEG ratio of 11.58 and a beta of 0.85. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The company has a 50-day simple moving average of $41.17 and a 200-day simple moving average of $44.42.

CubeSmart (NYSE:CUBE - Get Free Report) last released its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 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 analysts' expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, equities analysts anticipate that CubeSmart will post 2.64 EPS 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 issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is currently 120.93%.

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.