Y Intercept Hong Kong Ltd Boosts Stock Holdings in CubeSmart (NYSE:CUBE)

Y Intercept Hong Kong Ltd raised its stake in CubeSmart (NYSE:CUBE) by 1,027.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 73,211 shares of the real estate investment trust’s stock after purchasing an additional 66,718 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in CubeSmart were worth $3,137,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Oak Thistle LLC raised its position in shares of CubeSmart by 232.9% during the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after buying an additional 22,582 shares in the last quarter. Entropy Technologies LP bought a new stake in CubeSmart during the fourth quarter worth approximately $445,000. BNP Paribas Financial Markets raised its position in CubeSmart by 32.9% during the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock valued at $8,531,000 after purchasing an additional 39,270 shares during the period. Franklin Resources Inc. boosted its holdings in shares of CubeSmart by 13.1% in the 3rd quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock worth $15,950,000 after purchasing an additional 36,919 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of CubeSmart during the 3rd quarter valued at approximately $628,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

CUBE has been the subject of several recent analyst reports. Barclays dropped their price objective on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Royal Bank of Canada dropped their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Scotiabank reduced their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and dropped their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $49.18.

CubeSmart Stock Up 0.8 %

NYSE:CUBE opened at $42.16 on Tuesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a 50-day moving average of $41.93 and a 200 day moving average of $47.19. The firm has a market cap of $9.53 billion, a PE ratio of 23.82, a price-to-earnings-growth ratio of 11.58 and a beta of 0.87.

CubeSmart Increases Dividend

The firm also recently disclosed 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. The ex-dividend date was Thursday, January 2nd. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.93%. CubeSmart’s dividend payout ratio (DPR) is currently 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.