Versant Capital Management Inc Increases Holdings in CubeSmart (NYSE:CUBE)

Versant Capital Management Inc grew its stake in shares of CubeSmart (NYSE:CUBE) by 9,614.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 680 shares of the real estate investment trust’s stock after acquiring an additional 673 shares during the quarter. Versant Capital Management Inc’s holdings in CubeSmart were worth $29,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. UMB Bank n.a. raised its holdings in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 444 shares during the last quarter. Peterson Financial Group Inc. purchased a new position in CubeSmart in the 3rd quarter worth approximately $33,000. Ashton Thomas Private Wealth LLC bought a new position in CubeSmart in the 2nd quarter valued at approximately $33,000. Brooklyn Investment Group purchased a new stake in CubeSmart during the 3rd quarter valued at $59,000. Finally, Quarry LP increased its holdings in shares of CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 757 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CUBE shares. Barclays reduced their price objective on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price objective for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Evercore ISI raised their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and increased their price target for the company from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Royal Bank of Canada cut their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $49.91.

CubeSmart Price Performance

NYSE CUBE opened at $41.58 on Wednesday. The business’s fifty day moving average is $46.43 and its 200 day moving average is $48.38. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. 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 company has a market capitalization of $9.40 billion, a PE ratio of 23.49, a price-to-earnings-growth ratio of 13.00 and a beta of 0.87.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The company had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 earnings per share. Sell-side analysts predict that CubeSmart will post 2.63 earnings per share for the current year.

CubeSmart Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.00%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, January 2nd. CubeSmart’s dividend payout ratio (DPR) 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.