Bank of Montreal Can Purchases 11,608 Shares of CubeSmart (NYSE:CUBE)

Bank of Montreal Can boosted its position in shares of CubeSmart (NYSE:CUBE) by 19.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 70,505 shares of the real estate investment trust’s stock after acquiring an additional 11,608 shares during the quarter. Bank of Montreal Can’s holdings in CubeSmart were worth $3,021,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc increased its position in shares of CubeSmart by 9,614.3% during the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 673 shares during the last quarter. Blue Trust Inc. grew its position in CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 289 shares during the period. Jones Financial Companies Lllp increased its holdings 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 valued at $29,000 after buying an additional 389 shares during the last quarter. SRS Capital Advisors Inc. raised its position in CubeSmart by 310.6% in the fourth 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 period. Finally, UMB Bank n.a. boosted its stake 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 last quarter. Institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CUBE. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and decreased their price objective for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Royal Bank of Canada decreased their target price on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Finally, Wells Fargo & Company dropped their price target 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. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and an average price target of $47.31.

CubeSmart Stock Up 0.6 %

CUBE opened at $38.54 on Wednesday. The company has a market capitalization of $8.82 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The firm has a 50-day simple moving average of $41.10 and a two-hundred day simple moving average of $44.38. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $267.54 million. Analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.40%. The ex-dividend date was Tuesday, April 1st. CubeSmart’s dividend payout ratio is 120.93%.

CubeSmart Company 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.