Vestcor Inc raised its position in CubeSmart (NYSE:CUBE - Free Report) by 99.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 87,005 shares of the real estate investment trust's stock after purchasing an additional 43,383 shares during the quarter. Vestcor Inc's holdings in CubeSmart were worth $3,728,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Peterson Financial Group Inc. acquired a new position in CubeSmart in the third quarter valued at approximately $33,000. Blue Trust Inc. raised its position in CubeSmart by 74.9% in the fourth 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 lifted its stake 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 during the last quarter. Versant Capital Management Inc grew its holdings in shares of CubeSmart by 9,614.3% during the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 673 shares during the period. Finally, SRS Capital Advisors Inc. increased its position in shares of CubeSmart by 310.6% during 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 last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.
CubeSmart Stock Up 0.4 %
CUBE traded up $0.18 on Tuesday, hitting $42.28. 1,125,830 shares of the company were exchanged, compared to its average volume of 1,333,066. The firm has a 50-day moving average price of $41.74 and a two-hundred day moving average price of $46.38. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The company has a market cap of $9.63 billion, a price-to-earnings ratio of 23.88, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data 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. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. On average, equities analysts predict that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.92%. CubeSmart's payout ratio is 120.93%.
Analyst Ratings Changes
A number of research firms have commented on CUBE. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and decreased their target price for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Scotiabank lowered shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Wells Fargo & Company dropped their target price on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. KeyCorp upgraded CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Finally, Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and lowered their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, CubeSmart presently has a consensus rating of "Hold" and an average price target of $48.00.
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CubeSmart Profile
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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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