Pictet Asset Management Holding SA Grows Stock Position in CubeSmart (NYSE:CUBE)

Pictet Asset Management Holding SA lifted its position in CubeSmart (NYSE:CUBE) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,746 shares of the real estate investment trust’s stock after acquiring an additional 1,354 shares during the period. Pictet Asset Management Holding SA’s holdings in CubeSmart were worth $3,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Blue Trust Inc. grew its position in shares of 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 in the last quarter. Jones Financial Companies Lllp boosted its stake in CubeSmart by 134.1% during the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 389 shares during the last quarter. Versant Capital Management Inc grew its holdings in CubeSmart by 9,614.3% in the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 673 shares in the last quarter. SRS Capital Advisors Inc. increased its stake in shares of CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 559 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 351 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Trading Down 3.8 %

NYSE CUBE opened at $39.51 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market cap of $9.00 billion, a price-to-earnings ratio of 22.32, a PEG ratio of 11.58 and a beta of 0.85. The firm has a 50 day simple moving average of $41.90 and a 200-day simple moving average of $45.40. CubeSmart has a one year low of $39.34 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating the consensus estimate of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. Equities research analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The business also recently declared 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. This represents a $2.08 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio is currently 120.93%.

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of analyst reports. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and dropped their price objective for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Royal Bank of Canada cut their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Barclays cut their target price on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Finally, Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and decreased their price target for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.