Harbor Capital Advisors Inc. Increases Position in CubeSmart (NYSE:CUBE)

Harbor Capital Advisors Inc. grew its holdings in shares of CubeSmart (NYSE:CUBE) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,491 shares of the real estate investment trust’s stock after buying an additional 478 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in CubeSmart were worth $1,435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CUBE. Ashton Thomas Private Wealth LLC purchased a new stake in CubeSmart in the second quarter worth $33,000. Wedbush Securities Inc. grew its holdings in shares of CubeSmart by 8.6% in the second quarter. Wedbush Securities Inc. now owns 7,200 shares of the real estate investment trust’s stock worth $325,000 after purchasing an additional 571 shares during the last quarter. American Century Companies Inc. lifted its holdings in CubeSmart by 16.0% during the 2nd quarter. American Century Companies Inc. now owns 560,903 shares of the real estate investment trust’s stock valued at $25,336,000 after buying an additional 77,503 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in CubeSmart by 23.2% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 154,856 shares of the real estate investment trust’s stock valued at $6,921,000 after buying an additional 29,184 shares during the period. Finally, WINTON GROUP Ltd bought a new position in CubeSmart in the 2nd quarter worth about $593,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CUBE shares. Evercore ISI lifted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Royal Bank of Canada dropped their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Scotiabank decreased their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Finally, Wells Fargo & Company increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, CubeSmart presently has a consensus rating of “Hold” and a consensus target price of $50.36.

CubeSmart Trading Down 2.8 %

NYSE CUBE opened at $40.17 on Monday. The firm has a market cap of $9.08 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 13.00 and a beta of 0.87. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a 50 day moving average price of $46.02 and a 200 day moving average price of $48.29.

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). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. During the same period in the previous year, the business earned $0.68 EPS. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, sell-side analysts forecast that CubeSmart will post 2.63 EPS for the current fiscal year.

CubeSmart Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be given a $0.52 dividend. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 5.18%. The ex-dividend date of this dividend is Thursday, January 2nd. CubeSmart’s dividend payout ratio (DPR) is presently 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.