CubeSmart (NYSE:CUBE) Shares Bought by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its stake in shares of CubeSmart (NYSE:CUBE) by 2.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 192,080 shares of the real estate investment trust’s stock after purchasing an additional 4,659 shares during the quarter. Wells Fargo & Company MN’s holdings in CubeSmart were worth $8,231,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock worth $1,350,080,000 after acquiring an additional 85,609 shares in the last quarter. Norges Bank acquired a new position in shares of CubeSmart in the fourth quarter valued at $408,064,000. JPMorgan Chase & Co. lifted its stake in CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after purchasing an additional 352,754 shares during the period. Cbre Investment Management Listed Real Assets LLC raised its stake in CubeSmart by 6.0% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock worth $144,320,000 after acquiring an additional 191,862 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in CubeSmart by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,124,707 shares of the real estate investment trust’s stock valued at $133,894,000 after purchasing an additional 91,822 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

CubeSmart stock opened at $39.50 on Friday. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The stock has a market cap of $9.04 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 11.58 and a beta of 0.85. The stock’s 50 day simple moving average is $40.97 and its two-hundred day simple moving average is $44.24. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million for the quarter, compared to analysts’ expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart’s payout ratio is 120.93%.

Analyst Ratings Changes

CUBE has been the topic of a number of recent research reports. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Jefferies Financial Group downgraded 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 report on Thursday, January 2nd. Wells Fargo & Company lowered their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Barclays cut their price objective on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Finally, KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $47.31.

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.