1832 Asset Management L.P. Buys 2,931 Shares of CubeSmart (NYSE:CUBE)

1832 Asset Management L.P. raised its stake in CubeSmart (NYSE:CUBE) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 169,165 shares of the real estate investment trust’s stock after buying an additional 2,931 shares during the quarter. 1832 Asset Management L.P.’s holdings in CubeSmart were worth $7,650,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Twin Tree Management LP raised its holdings in shares of CubeSmart by 29,720.5% in the first quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock valued at $526,000 after purchasing an additional 11,591 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of CubeSmart in the fourth quarter valued at approximately $1,370,000. Evoke Wealth LLC acquired a new stake in shares of CubeSmart in the fourth quarter valued at approximately $1,604,000. DAVENPORT & Co LLC raised its holdings in shares of CubeSmart by 24.4% in the fourth quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust’s stock valued at $5,781,000 after purchasing an additional 24,483 shares during the last quarter. Finally, Natixis Advisors L.P. raised its holdings in shares of CubeSmart by 35.0% in the fourth quarter. Natixis Advisors L.P. now owns 79,993 shares of the real estate investment trust’s stock valued at $3,707,000 after purchasing an additional 20,729 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of CUBE stock traded up $0.63 on Friday, reaching $47.64. The company had a trading volume of 1,357,144 shares, compared to its average volume of 1,079,267. The stock has a market capitalization of $10.72 billion, a PE ratio of 26.47, a price-to-earnings-growth ratio of 8.13 and a beta of 0.80. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a one year low of $33.17 and a one year high of $49.58. The business’s 50-day moving average is $44.61 and its 200 day moving average is $43.99.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The firm had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. During the same period in the prior year, the company earned $0.65 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. Equities research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio is currently 113.33%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday. BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Wells Fargo & Company boosted their target price on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Evercore ISI upped their price objective on shares of CubeSmart from $44.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, CubeSmart presently has an average rating of “Hold” and a consensus price target of $46.36.

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.