CX Institutional Makes New $3.26 Million Investment in CubeSmart (NYSE:CUBE)

CX Institutional acquired a new stake in CubeSmart (NYSE:CUBE) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 76,402 shares of the real estate investment trust’s stock, valued at approximately $3,263,000.

Other hedge funds also recently modified their holdings of the company. Bank of Montreal Can lifted its holdings in CubeSmart by 19.7% during the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock worth $3,021,000 after purchasing an additional 11,608 shares during the last quarter. Norges Bank acquired a new stake in shares of CubeSmart during the fourth quarter worth $408,064,000. Raymond James Financial Inc. bought a new stake in shares of CubeSmart in the fourth quarter valued at about $21,278,000. LPL Financial LLC boosted its position in shares of CubeSmart by 19.2% in the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock valued at $4,654,000 after acquiring an additional 17,518 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock valued at $184,232,000 after acquiring an additional 352,754 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CUBE shares. Evercore ISI boosted their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Barclays cut their price target on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating for the company in a research note on Friday, May 16th. Bank of America upgraded CubeSmart from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Truist Financial lifted their price objective on CubeSmart from $47.00 to $48.00 and gave the company a “buy” rating in a report on Monday, May 19th. Finally, Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $47.36.

CubeSmart Stock Performance

NYSE:CUBE opened at $43.30 on Thursday. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock’s 50-day simple moving average is $40.96 and its 200 day simple moving average is $42.27. The firm has a market capitalization of $9.87 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 11.58 and a beta of 0.98.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $273.04 million during the quarter, compared to analysts’ expectations of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 earnings per share. On average, analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.80%. CubeSmart’s payout ratio is presently 123.08%.

CubeSmart 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.