Everence Capital Management Inc. Purchases New Position in CubeSmart (NYSE:CUBE)

Everence Capital Management Inc. acquired a new stake in CubeSmart (NYSE:CUBE) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 5,380 shares of the real estate investment trust’s stock, valued at approximately $231,000.

Several other institutional investors have also added to or reduced their stakes in CUBE. UMB Bank n.a. lifted its holdings in shares of CubeSmart by 302.0% during the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 444 shares in the last quarter. Peterson Financial Group Inc. bought a new position in CubeSmart during the 3rd quarter valued at about $33,000. Versant Capital Management Inc lifted its stake in CubeSmart by 9,614.3% during the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 673 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in shares of CubeSmart during the 2nd quarter valued at about $33,000. Finally, Brooklyn Investment Group bought a new stake in shares of CubeSmart in the third quarter worth approximately $59,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CUBE shares. 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. 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. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Barclays cut their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Finally, Wells Fargo & Company increased their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. One investment 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, the stock presently has an average rating of “Hold” and a consensus target price of $49.91.

CubeSmart Stock Down 0.7 %

CUBE opened at $41.28 on Thursday. 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 stock has a market cap of $9.34 billion, a price-to-earnings ratio of 23.32, a price-to-earnings-growth ratio of 13.00 and a beta of 0.87. The firm’s fifty day moving average is $46.29 and its 200 day moving average is $48.33.

CubeSmart (NYSE:CUBE) last released 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 business had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the company earned $0.68 EPS. On average, sell-side analysts forecast that CubeSmart will post 2.63 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

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

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.