Quarry LP Raises Stock Position in CubeSmart (NYSE:CUBE)

Quarry LP lifted its stake in shares of CubeSmart (NYSE:CUBE) by 279.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,196 shares of the real estate investment trust’s stock after buying an additional 3,825 shares during the quarter. Quarry LP’s holdings in CubeSmart were worth $223,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CUBE. Norges Bank purchased a new stake in CubeSmart in the 4th quarter valued at $408,064,000. Capital World Investors raised its position in CubeSmart by 184.5% in the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust’s stock valued at $126,161,000 after purchasing an additional 1,909,496 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in CubeSmart by 27.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust’s stock valued at $288,259,000 after purchasing an additional 1,464,331 shares during the last quarter. First Trust Advisors LP raised its position in CubeSmart by 851.2% in the 4th quarter. First Trust Advisors LP now owns 1,131,808 shares of the real estate investment trust’s stock valued at $48,498,000 after purchasing an additional 1,012,816 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in CubeSmart by 380.8% in 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 during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

CUBE has been the subject of several research reports. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Royal Bank of Canada reduced their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Barclays reduced their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised shares of 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. Finally, Mizuho assumed coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $39.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $47.31.

CubeSmart Stock Performance

NYSE:CUBE opened at $39.79 on Monday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The stock has a market cap of $9.11 billion, a PE ratio of 22.48, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The firm’s fifty day simple moving average is $40.68 and its 200-day simple moving average is $43.65.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $267.54 million. Analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 5.23%. CubeSmart’s dividend payout ratio (DPR) is currently 120.93%.

About CubeSmart

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.