7,671 Shares in CubeSmart (NYSE:CUBE) Bought by Farringdon Capital Ltd.

Farringdon Capital Ltd. acquired a new stake in CubeSmart (NYSE:CUBE) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 7,671 shares of the real estate investment trust’s stock, valued at approximately $329,000.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CUBE shares. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their target price for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Mizuho began coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $39.00 price objective for the company. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and dropped their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Finally, KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Nine 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, the company currently has a consensus rating of “Hold” and an average target price of $47.31.

CubeSmart Trading Up 2.7 %

Shares of CUBE opened at $39.50 on Friday. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. The company has a market capitalization of $9.04 billion, a P/E ratio of 22.31, a P/E/G ratio of 11.58 and a beta of 0.85. 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 firm’s 50 day simple moving average is $40.91 and its 200 day simple moving average is $44.15.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share 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 firm had revenue of $231.41 million for the quarter, compared to analysts’ expectations of $267.54 million. Sell-side analysts forecast 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 was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.27%. The ex-dividend date was Tuesday, April 1st. CubeSmart’s dividend payout ratio is currently 120.93%.

About CubeSmart

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.