Vanguard Group Inc. Grows Holdings in CubeSmart (NYSE:CUBE)

Vanguard Group Inc. lifted its position in shares of CubeSmart (NYSE:CUBE) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,507,111 shares of the real estate investment trust’s stock after buying an additional 85,609 shares during the quarter. Vanguard Group Inc. owned approximately 13.93% of CubeSmart worth $1,350,080,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Stevens Capital Management LP purchased a new stake in CubeSmart in the 4th quarter worth approximately $220,000. LPL Financial LLC boosted its holdings in shares of CubeSmart by 19.2% during the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock worth $4,654,000 after purchasing an additional 17,518 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of CubeSmart in the fourth quarter valued at $206,000. KLP Kapitalforvaltning AS acquired a new position in CubeSmart in the fourth quarter valued at $2,134,000. Finally, Knights of Columbus Asset Advisors LLC purchased a new position in CubeSmart during the fourth quarter worth about $2,952,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

Shares of NYSE:CUBE opened at $41.64 on Friday. The business’s 50-day simple moving average is $41.87 and its 200 day simple moving average is $45.90. The company has a market cap of $9.49 billion, a P/E ratio of 23.52, a PEG ratio of 11.58 and a beta of 0.88. 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 one year low of $39.80 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%. CubeSmart’s payout ratio is currently 120.93%.

Analyst Ratings Changes

Several analysts have commented on CUBE shares. Royal Bank of Canada lowered their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Barclays cut their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, CubeSmart currently has a consensus rating of “Hold” and a consensus price target of $48.00.

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.