Lecap Asset Management Ltd. Makes New Investment in CubeSmart (NYSE:CUBE)

Lecap Asset Management Ltd. bought a new stake in CubeSmart (NYSE:CUBE) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 31,208 shares of the real estate investment trust’s stock, valued at approximately $1,337,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc increased its holdings in 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 buying an additional 673 shares during the last quarter. Blue Trust Inc. boosted its position in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 289 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of CubeSmart by 302.0% in the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 444 shares during the last quarter. Peterson Financial Group Inc. acquired a new stake in shares of CubeSmart during the 3rd quarter worth about $33,000. Finally, Brooklyn Investment Group purchased a new stake in CubeSmart during the third quarter worth approximately $59,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

Shares of CUBE stock opened at $42.38 on Friday. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The stock’s 50-day moving average price is $43.13 and its 200 day moving average price is $47.65. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $9.58 billion, a PE ratio of 23.94, a price-to-earnings-growth ratio of 11.67 and a beta of 0.87.

CubeSmart Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.91%. The ex-dividend date was Thursday, January 2nd. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s dividend payout ratio is 117.51%.

Wall Street Analysts Forecast Growth

CUBE has been the topic of several recent analyst reports. Wells Fargo & Company increased their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their target price for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Royal Bank of Canada dropped their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Finally, Scotiabank reduced their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $49.73.

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.