Quadrant Capital Group LLC Boosts Stock Holdings in CubeSmart (NYSE:CUBE)

Quadrant Capital Group LLC grew its position in CubeSmart (NYSE:CUBE) by 77.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,395 shares of the real estate investment trust’s stock after purchasing an additional 1,047 shares during the period. Quadrant Capital Group LLC’s holdings in CubeSmart were worth $103,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in CubeSmart in the fourth quarter worth $408,064,000. Prudential Financial Inc. raised its stake in shares of CubeSmart by 380.8% during the 4th quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust’s stock worth $29,562,000 after purchasing an additional 546,387 shares during the period. Raymond James Financial Inc. purchased a new position in shares of CubeSmart in the 4th quarter worth about $21,278,000. SG Americas Securities LLC grew its position in CubeSmart by 10,685.4% during the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock valued at $20,936,000 after buying an additional 484,049 shares during the period. Finally, Centersquare Investment Management LLC increased its holdings in CubeSmart by 31.9% during the fourth quarter. Centersquare Investment Management LLC now owns 1,910,373 shares of the real estate investment trust’s stock worth $81,859,000 after buying an additional 462,373 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

NYSE CUBE opened at $37.05 on Friday. The company’s 50 day simple moving average is $41.33 and its two-hundred day simple moving average is $44.69. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The stock has a market capitalization of $8.44 billion, a PE ratio of 20.93, a P/E/G ratio of 11.58 and a beta of 0.85.

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

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid 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 5.61%. CubeSmart’s dividend payout ratio is presently 120.93%.

Wall Street Analyst Weigh In

CUBE has been the subject of a number of research reports. Wells Fargo & Company reduced their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the company from $46.00 to $45.00 in a report on Friday, January 10th. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a research note on Thursday, March 6th. Finally, Royal Bank of Canada lowered their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $47.31.

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.