Cibc World Markets Corp Increases Stock Position in CubeSmart (NYSE:CUBE)

Cibc World Markets Corp raised its position in shares of CubeSmart (NYSE:CUBE) by 10.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 65,727 shares of the real estate investment trust’s stock after purchasing an additional 6,213 shares during the period. Cibc World Markets Corp’s holdings in CubeSmart were worth $2,816,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. lifted its position in CubeSmart by 2.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 21,861 shares of the real estate investment trust’s stock valued at $937,000 after buying an additional 601 shares during the period. Commonwealth Equity Services LLC lifted its position in CubeSmart by 0.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 179,393 shares of the real estate investment trust’s stock valued at $7,687,000 after buying an additional 710 shares during the period. Vestcor Inc increased its holdings in shares of CubeSmart by 99.5% during the fourth quarter. Vestcor Inc now owns 87,005 shares of the real estate investment trust’s stock valued at $3,728,000 after acquiring an additional 43,383 shares in the last quarter. Swiss National Bank increased its holdings in shares of CubeSmart by 0.8% during the fourth quarter. Swiss National Bank now owns 442,900 shares of the real estate investment trust’s stock valued at $18,978,000 after acquiring an additional 3,700 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of CubeSmart by 7.2% during the fourth quarter. Sequoia Financial Advisors LLC now owns 28,920 shares of the real estate investment trust’s stock valued at $1,239,000 after acquiring an additional 1,949 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 0.1 %

CubeSmart stock opened at $42.04 on Friday. The business has a 50-day simple moving average of $41.78 and a two-hundred day simple moving average of $46.25. The company has a market cap of $9.58 billion, a P/E ratio of 23.75, a P/E/G ratio of 11.58 and a beta of 0.88. 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.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. Analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.95%. CubeSmart’s dividend payout ratio is currently 120.93%.

Wall Street Analyst Weigh In

CUBE has been the subject of several analyst reports. Barclays reduced their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and reduced their price target for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Wells Fargo & Company reduced their price target on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, Royal Bank of Canada reduced their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $48.00.

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.