Sanctuary Advisors LLC bought a new position in shares of CubeSmart (NYSE:CUBE - Free Report) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 11,668 shares of the real estate investment trust's stock, valued at approximately $628,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its position in shares of CubeSmart by 32.9% during the third 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 in the last quarter. Harbor Capital Advisors Inc. boosted its stake in CubeSmart by 127.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust's stock worth $1,777,000 after purchasing an additional 18,475 shares during the period. Victory Capital Management Inc. boosted its stake in CubeSmart by 46.6% in the 3rd quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust's stock worth $29,406,000 after purchasing an additional 173,683 shares during the period. Sequoia Financial Advisors LLC bought a new position in CubeSmart during the 3rd quarter worth about $1,452,000. Finally, Bridges Investment Management Inc. acquired a new stake in shares of CubeSmart in the 2nd quarter valued at about $541,000. 97.61% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CUBE has been the subject of several recent research reports. Wells Fargo & Company upped their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Monday, October 21st. UBS Group downgraded CubeSmart from a "buy" rating to a "neutral" rating and upped their price target for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Scotiabank decreased their price target on shares of CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating for the company in a research note on Monday, November 25th. Royal Bank of Canada cut their price objective on shares of CubeSmart from $56.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, November 4th. Finally, Evercore ISI increased their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an "in-line" rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $51.36.
View Our Latest Stock Analysis on CubeSmart
CubeSmart Stock Performance
NYSE:CUBE traded up $0.41 during mid-day trading on Wednesday, hitting $43.21. The stock had a trading volume of 582,103 shares, compared to its average volume of 1,359,688. The company's 50 day simple moving average is $47.60 and its 200 day simple moving average is $48.48. The stock has a market cap of $9.77 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 13.00 and a beta of 0.84. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The firm's revenue was up 1.1% compared to the same quarter last year. On average, equities research analysts forecast that CubeSmart will post 2.63 earnings per share for the current year.
CubeSmart Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be issued a dividend of $0.52 per share. This is an increase from CubeSmart's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, January 2nd. This represents a $2.08 annualized dividend and a dividend yield of 4.81%. CubeSmart's payout ratio is presently 117.51%.
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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