Intech Investment Management LLC Takes $761,000 Position in CubeSmart (NYSE:CUBE)

Intech Investment Management LLC purchased a new stake in shares of CubeSmart (NYSE:CUBE) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 17,767 shares of the real estate investment trust’s stock, valued at approximately $761,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CUBE. Thrivent Financial for Lutherans raised its holdings in CubeSmart by 0.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock valued at $2,280,000 after acquiring an additional 306 shares during the period. Cibc World Markets Corp grew its position in shares of CubeSmart by 10.4% in the fourth quarter. Cibc World Markets Corp now owns 65,727 shares of the real estate investment trust’s stock valued at $2,816,000 after purchasing an additional 6,213 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of CubeSmart by 2.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 21,861 shares of the real estate investment trust’s stock valued at $937,000 after purchasing an additional 601 shares during the period. Commonwealth Equity Services LLC lifted its holdings in CubeSmart by 0.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 179,393 shares of the real estate investment trust’s stock worth $7,687,000 after purchasing an additional 710 shares in the last quarter. Finally, Vestcor Inc boosted its stake in CubeSmart by 99.5% in the 4th quarter. Vestcor Inc now owns 87,005 shares of the real estate investment trust’s stock worth $3,728,000 after purchasing an additional 43,383 shares during the period. 97.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CUBE shares. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their price target for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Barclays cut their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Wells Fargo & Company reduced their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Finally, KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $48.00.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $41.62 on Monday. The stock’s 50-day moving average is $41.81 and its 200 day moving average is $46.10. The stock has a market cap of $9.49 billion, a price-to-earnings ratio of 23.52, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping the consensus estimate of $0.45 by $0.23. The firm had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, sell-side analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 5.00%. CubeSmart’s payout ratio is 120.93%.

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.