Canada Pension Plan Investment Board Takes Position in CubeSmart (NYSE:CUBE)

Canada Pension Plan Investment Board purchased a new stake in CubeSmart (NYSE:CUBEFree Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 589,000 shares of the real estate investment trust’s stock, valued at approximately $22,459,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Parallel Advisors LLC lifted its stake in shares of CubeSmart by 88.9% in the second quarter. Parallel Advisors LLC now owns 593 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 279 shares during the period. Quarry LP bought a new stake in shares of CubeSmart in the second quarter valued at about $37,000. Sunbelt Securities Inc. bought a new stake in shares of CubeSmart in the first quarter valued at about $46,000. Geneos Wealth Management Inc. lifted its stake in shares of CubeSmart by 332.2% in the second quarter. Geneos Wealth Management Inc. now owns 1,301 shares of the real estate investment trust’s stock valued at $58,000 after buying an additional 1,000 shares during the period. Finally, Covestor Ltd lifted its stake in shares of CubeSmart by 781.0% in the first quarter. Covestor Ltd now owns 1,533 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 1,359 shares during the period. 96.66% of the stock is owned by institutional investors and hedge funds.

CubeSmart Stock Performance

NYSE:CUBE opened at $43.96 on Monday. CubeSmart has a 1 year low of $33.17 and a 1 year high of $48.93. The firm has a 50 day moving average of $44.74 and a 200-day moving average of $41.13. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $9.88 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 2.95 and a beta of 0.70.

CubeSmart Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.64%. The ex-dividend date was Friday, December 29th. This is a boost from CubeSmart’s previous quarterly dividend of $0.49. CubeSmart’s payout ratio is 122.16%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CUBE shares. Wells Fargo & Company increased their target price on shares of CubeSmart from $37.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 12th. Evercore ISI cut shares of CubeSmart from an “outperform” rating to an “in-line” rating and raised their price target for the stock from $42.00 to $43.00 in a research note on Monday, December 11th. Bank of America cut shares of CubeSmart from a “buy” rating to a “neutral” rating and cut their price target for the stock from $51.00 to $38.00 in a research note on Monday, October 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They set a “sell” rating and a $40.00 price target for the company. Finally, Raymond James cut their price target on shares of CubeSmart from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart currently has an average rating of “Hold” and a consensus price target of $45.36.

Get Our Latest Stock Report on CUBE

CubeSmart Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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