Lecap Asset Management Ltd. Makes New $1.34 Million Investment in CubeSmart (NYSE:CUBE)

Lecap Asset Management Ltd. bought a new stake in shares of CubeSmart (NYSE:CUBE) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 31,208 shares of the real estate investment trust’s stock, valued at approximately $1,337,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CUBE. Creative Planning grew its stake in shares of CubeSmart by 9.1% during the second quarter. Creative Planning now owns 16,028 shares of the real estate investment trust’s stock worth $724,000 after acquiring an additional 1,340 shares during the last quarter. GAMMA Investing LLC raised its position in CubeSmart by 52.6% during the third quarter. GAMMA Investing LLC now owns 2,375 shares of the real estate investment trust’s stock valued at $128,000 after acquiring an additional 819 shares in the last quarter. Atomi Financial Group Inc. purchased a new position in shares of CubeSmart during the 3rd quarter valued at approximately $219,000. UMB Bank n.a. increased its holdings in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 444 shares in the last quarter. Finally, Albion Financial Group UT increased its stake in shares of CubeSmart by 4.3% in the 3rd quarter. Albion Financial Group UT now owns 89,257 shares of the real estate investment trust’s stock valued at $4,805,000 after purchasing an additional 3,710 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

NYSE CUBE opened at $42.38 on Friday. The company has a market cap of $9.58 billion, a P/E ratio of 23.94, a P/E/G ratio of 11.67 and a beta of 0.87. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a 50-day moving average of $43.13 and a two-hundred day moving average of $47.65.

CubeSmart Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were paid a dividend of $0.52 per share. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 4.91%. The ex-dividend date was Thursday, January 2nd. CubeSmart’s dividend payout ratio is presently 117.51%.

Analyst Ratings Changes

CUBE has been the subject of a number of recent analyst reports. Royal Bank of Canada cut their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company raised their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Barclays dropped their price target on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Finally, Scotiabank cut their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, CubeSmart currently has a consensus rating of “Hold” and an average target price of $49.73.

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.