Carmel Capital Partners LLC Increases Stake in CubeSmart (NYSE:CUBE)

Carmel Capital Partners LLC boosted its holdings in CubeSmart (NYSE:CUBE) by 4.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 10,044 shares of the real estate investment trust’s stock after purchasing an additional 433 shares during the quarter. Carmel Capital Partners LLC’s holdings in CubeSmart were worth $430,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CUBE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in CubeSmart by 326.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after buying an additional 1,282,995 shares during the period. Raymond James Financial Inc. purchased a new position in CubeSmart in the fourth quarter valued at approximately $21,278,000. SG Americas Securities LLC raised its holdings in CubeSmart by 10,685.4% in the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock valued at $20,936,000 after buying an additional 484,049 shares during the period. Presima Securities ULC raised its holdings in CubeSmart by 4,092.4% in the fourth quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust’s stock valued at $19,042,000 after buying an additional 433,790 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC raised its holdings in CubeSmart by 6.0% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock valued at $144,320,000 after buying an additional 191,862 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wells Fargo & Company cut their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their price objective for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Royal Bank of Canada lowered their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday. Barclays lowered their price objective on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Finally, Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $48.18.

CubeSmart Stock Up 1.6 %

CUBE stock opened at $42.48 on Thursday. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $9.68 billion, a P/E ratio of 24.00, a PEG ratio of 11.58 and a beta of 0.88. The firm has a 50 day simple moving average of $41.81 and a 200-day simple moving average of $46.92.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results 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. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. On average, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.90%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

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.