Nordea Investment Management AB Has $18.31 Million Stock Position in CubeSmart (NYSE:CUBE)

Nordea Investment Management AB grew its stake in CubeSmart (NYSE:CUBE) by 4.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 427,579 shares of the real estate investment trust’s stock after buying an additional 19,012 shares during the quarter. Nordea Investment Management AB owned 0.19% of CubeSmart worth $18,305,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in CubeSmart by 326.3% in the 3rd 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 acquiring an additional 1,282,995 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of CubeSmart by 14.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after purchasing an additional 624,661 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares during the last quarter. Sei Investments Co. grew its position in CubeSmart by 38.2% in the second quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock valued at $34,427,000 after purchasing an additional 210,871 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in CubeSmart by 46.6% in the 3rd quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after buying an additional 173,683 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CUBE. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Evercore ISI increased their price target on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Wells Fargo & Company raised their price target on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Royal Bank of Canada dropped their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Finally, Barclays cut 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus price target of $49.91.

CubeSmart Stock Down 0.7 %

CUBE stock opened at $41.28 on Thursday. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The business’s 50 day simple moving average is $46.29 and its 200 day simple moving average is $48.33. 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 firm has a market capitalization of $9.34 billion, a PE ratio of 23.32, a PEG ratio of 13.00 and a beta of 0.87.

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

CubeSmart Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd will be issued a $0.52 dividend. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 5.04%. The ex-dividend date of this dividend is Thursday, January 2nd. CubeSmart’s dividend payout ratio is currently 117.51%.

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.