1832 Asset Management L.P. Boosts Stock Holdings in CubeSmart (NYSE:CUBE)

1832 Asset Management L.P. boosted its stake in shares of CubeSmart (NYSE:CUBE) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 169,165 shares of the real estate investment trust’s stock after purchasing an additional 2,931 shares during the period. 1832 Asset Management L.P. owned approximately 0.08% of CubeSmart worth $7,650,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CUBE. Rise Advisors LLC purchased a new position in CubeSmart during the first quarter worth approximately $26,000. Mather Group LLC. purchased a new position in shares of CubeSmart in the 1st quarter valued at $26,000. GAMMA Investing LLC purchased a new position in shares of CubeSmart in the 4th quarter valued at $28,000. Signaturefd LLC raised its stake in shares of CubeSmart by 72.5% in the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 292 shares during the period. Finally, Ceredex Value Advisors LLC purchased a new position in shares of CubeSmart in the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of NYSE CUBE traded up $0.63 during midday trading on Friday, reaching $47.64. The company’s stock had a trading volume of 1,357,144 shares, compared to its average volume of 1,079,267. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average price of $44.61 and a 200 day moving average price of $43.99. CubeSmart has a one year low of $33.17 and a one year high of $49.58. The company has a market cap of $10.72 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 8.13 and a beta of 0.80.

CubeSmart (NYSE:CUBE) last released its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). The business had revenue of $261.41 million during the quarter, compared to the consensus estimate of $253.91 million. CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.65 earnings per share. On average, equities research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.28%. CubeSmart’s dividend payout ratio is currently 113.33%.

Analyst Ratings Changes

A number of equities analysts have recently commented on CUBE shares. Raymond James raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. Evercore ISI raised their price objective on shares of CubeSmart from $44.00 to $45.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Finally, Wells Fargo & Company raised their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and a consensus price target of $46.36.

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.