CubeSmart (NYSE:CUBE) Holdings Trimmed by Swiss National Bank

Swiss National Bank reduced its position in shares of CubeSmart (NYSE:CUBE) by 10.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 443,000 shares of the real estate investment trust’s stock after selling 50,900 shares during the period. Swiss National Bank owned approximately 0.20% of CubeSmart worth $20,533,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cary Street Partners Investment Advisory LLC grew its stake in shares of CubeSmart by 22.3% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 5,761 shares of the real estate investment trust’s stock worth $220,000 after purchasing an additional 1,051 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of CubeSmart by 30.6% in the fourth quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust’s stock valued at $22,633,000 after buying an additional 113,571 shares in the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of CubeSmart during the 4th quarter valued at $1,370,000. DAVENPORT & Co LLC boosted its stake in shares of CubeSmart by 24.4% during the 4th quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust’s stock worth $5,781,000 after acquiring an additional 24,483 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of CubeSmart by 95.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 75,900 shares of the real estate investment trust’s stock worth $2,894,000 after acquiring an additional 37,086 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on CUBE shares. Wells Fargo & Company upped their target price on CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, April 5th. Raymond James reissued an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a research report on Thursday, March 28th. Barclays began coverage on shares of CubeSmart in a report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They issued a “sell” rating and a $40.00 price objective for the company. Finally, Evercore ISI increased their target price on CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, March 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.33.

CubeSmart Stock Performance

Shares of CUBE stock opened at $41.64 on Thursday. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $47.81. The stock’s 50-day moving average is $43.40 and its two-hundred day moving average is $42.53. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a market cap of $9.37 billion, a P/E ratio of 23.13 and a beta of 0.72.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.22). The business had revenue of $261.41 million for the quarter, compared to the consensus estimate of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. CubeSmart’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 EPS. Analysts predict that CubeSmart will post 2.65 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date was Thursday, March 28th. CubeSmart’s dividend payout ratio is presently 113.33%.

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.