Rhumbline Advisers Acquires 6,433 Shares of CubeSmart (NYSE:CUBE)

Rhumbline Advisers raised its holdings in CubeSmart (NYSE:CUBE) by 0.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 726,444 shares of the real estate investment trust’s stock after acquiring an additional 6,433 shares during the quarter. Rhumbline Advisers owned approximately 0.32% of CubeSmart worth $31,128,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Oak Thistle LLC increased its holdings in CubeSmart by 232.9% in the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after purchasing an additional 22,582 shares during the period. Entropy Technologies LP bought a new stake in shares of CubeSmart in the 4th quarter valued at about $445,000. BNP Paribas Financial Markets increased its stake in shares of CubeSmart by 32.9% in the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock valued at $8,531,000 after buying an additional 39,270 shares during the period. Franklin Resources Inc. raised its position in shares of CubeSmart by 13.1% during the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock worth $15,950,000 after acquiring an additional 36,919 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of CubeSmart in the third quarter worth approximately $628,000. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Down 0.1 %

CUBE stock opened at $41.56 on Wednesday. The firm has a market capitalization of $9.40 billion, a PE ratio of 23.48, a P/E/G ratio of 11.67 and a beta of 0.87. 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 twelve month low of $39.80 and a twelve month high of $55.14. The stock’s 50 day moving average is $42.29 and its 200-day moving average is $47.35.

CubeSmart Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart’s payout ratio is currently 117.51%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Scotiabank lowered their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Barclays dropped their target price on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and decreased their price target for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Finally, Royal Bank of Canada dropped their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $49.73.

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.