Raymond James Financial Inc. Makes New $21.28 Million Investment in CubeSmart (NYSE:CUBE)

Raymond James Financial Inc. purchased a new position in CubeSmart (NYSE:CUBE) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 496,561 shares of the real estate investment trust’s stock, valued at approximately $21,278,000.

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc grew its stake in shares of CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 673 shares in the last quarter. Blue Trust Inc. grew its stake in shares of CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 289 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 389 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of 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 in the last quarter. Finally, Peterson Financial Group Inc. purchased a new stake in shares of CubeSmart during the 3rd quarter worth $33,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Up 2.4 %

NYSE CUBE opened at $41.72 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market cap of $9.51 billion, a PE ratio of 23.57, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a one year low of $39.80 and a one year high of $55.14. The firm’s fifty day moving average is $41.73 and its two-hundred day moving average is $46.44.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data 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. The company had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. Analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be paid a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.99%. CubeSmart’s dividend payout ratio is presently 120.93%.

Wall Street Analysts Forecast Growth

CUBE has been the subject of several recent analyst reports. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft raised shares of 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 report on Friday, January 10th. Wells Fargo & Company decreased their price objective 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. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Finally, Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $48.00.

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.