WCM Investment Management LLC Buys 918 Shares of CubeSmart (NYSE:CUBE)

WCM Investment Management LLC increased its position in CubeSmart (NYSE:CUBE) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,100 shares of the real estate investment trust’s stock after purchasing an additional 918 shares during the quarter. WCM Investment Management LLC’s holdings in CubeSmart were worth $3,095,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after buying an additional 624,661 shares during the period. Geode Capital Management LLC raised its holdings in shares of CubeSmart by 1.1% in the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after acquiring an additional 50,340 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in CubeSmart by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock worth $163,260,000 after acquiring an additional 135,211 shares during the period. Duff & Phelps Investment Management Co. grew its holdings in CubeSmart by 2.0% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock worth $118,487,000 after acquiring an additional 42,994 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in CubeSmart by 326.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after purchasing an additional 1,282,995 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Royal Bank of Canada lowered their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Barclays cut their price target on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Finally, Scotiabank cut their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $49.73.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $42.38 on Monday. 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 company has a market cap of $9.58 billion, a PE ratio of 23.94, a P/E/G ratio of 11.67 and a beta of 0.87. The business has a 50-day simple moving average of $43.13 and a two-hundred day simple moving average of $47.65.

CubeSmart Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.91%. The ex-dividend date was Thursday, January 2nd. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s payout ratio is currently 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.