Amalgamated Bank Acquires 480 Shares of CubeSmart (NYSE:CUBE)

Amalgamated Bank raised its stake in shares of CubeSmart (NYSE:CUBE) by 0.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 107,746 shares of the real estate investment trust’s stock after buying an additional 480 shares during the quarter. Amalgamated Bank’s holdings in CubeSmart were worth $4,617,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Versant Capital Management Inc grew its position in CubeSmart by 9,614.3% during the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 673 shares in the last quarter. Blue Trust Inc. increased its holdings 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 buying an additional 289 shares during the period. Peterson Financial Group Inc. purchased a new position in CubeSmart in the 3rd quarter worth approximately $33,000. UMB Bank n.a. raised its holdings in CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 351 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of CubeSmart during the third quarter valued at about $59,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Barclays decreased their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. 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 report on Friday, February 21st. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and cut their target price for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Scotiabank lowered their price objective 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. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $49.18.

CubeSmart Price Performance

Shares of CUBE opened at $42.51 on Friday. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. The firm’s 50-day simple moving average is $41.88 and its two-hundred day simple moving average is $47.08. The stock has a market cap of $9.61 billion, a PE ratio of 24.01, a price-to-earnings-growth ratio of 11.58 and a beta of 0.87. 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 posted its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. Analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.89%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio is presently 117.51%.

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.