CubeSmart (NYSE:CUBE) Shares Purchased by Oak Thistle LLC

Oak Thistle LLC raised its position in CubeSmart (NYSE:CUBE) by 232.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,280 shares of the real estate investment trust’s stock after purchasing an additional 22,582 shares during the quarter. Oak Thistle LLC’s holdings in CubeSmart were worth $1,383,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pallas Capital Advisors LLC boosted its stake in shares of CubeSmart by 0.9% in the fourth quarter. Pallas Capital Advisors LLC now owns 39,107 shares of the real estate investment trust’s stock valued at $1,676,000 after purchasing an additional 361 shares during the period. Harbor Capital Advisors Inc. boosted its position in CubeSmart by 1.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 33,491 shares of the real estate investment trust’s stock valued at $1,435,000 after buying an additional 478 shares during the period. Nordea Investment Management AB grew its stake in shares of CubeSmart by 4.7% in the fourth quarter. Nordea Investment Management AB now owns 427,579 shares of the real estate investment trust’s stock worth $18,305,000 after acquiring an additional 19,012 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in shares of CubeSmart during the fourth quarter worth $231,000. Finally, Versant Capital Management Inc raised its stake in shares of CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 673 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CUBE has been the subject of several analyst reports. Scotiabank lowered their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Barclays lowered their price objective on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and decreased their price target for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their price target for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, Royal Bank of Canada cut their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average price target of $50.00.

CubeSmart Stock Performance

Shares of CUBE opened at $40.68 on Wednesday. The company’s 50 day simple moving average is $45.87 and its 200-day simple moving average is $48.26. The firm has a market cap of $9.20 billion, a PE ratio of 22.98, a price-to-earnings-growth ratio of 13.00 and a beta of 0.87. CubeSmart has a 12-month low of $39.80 and a 12-month 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 issued its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The business had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 earnings per share. As a group, equities analysts predict that CubeSmart will post 2.63 EPS for the current year.

CubeSmart Increases Dividend

The business also recently declared 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 represents a $2.08 annualized dividend and a yield of 5.11%. The ex-dividend date is Thursday, January 2nd. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s payout ratio is 117.51%.

About CubeSmart

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.