KLP Kapitalforvaltning AS Takes $2.13 Million Position in CubeSmart (NYSE:CUBE)

KLP Kapitalforvaltning AS bought a new position in shares of CubeSmart (NYSE:CUBE) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 49,800 shares of the real estate investment trust’s stock, valued at approximately $2,134,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 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 last quarter. Raymond James Financial Inc. bought a new position in CubeSmart during the fourth quarter valued at approximately $21,278,000. SG Americas Securities LLC grew its holdings in CubeSmart by 10,685.4% during the 4th quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock valued at $20,936,000 after buying an additional 484,049 shares in the last quarter. Presima Securities ULC increased its stake in CubeSmart by 4,092.4% in the 4th quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust’s stock worth $19,042,000 after acquiring an additional 433,790 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC increased its position in CubeSmart by 6.0% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock worth $144,320,000 after purchasing an additional 191,862 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CUBE has been the topic of several recent research reports. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Royal Bank of Canada decreased their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and dropped their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Finally, Scotiabank lowered shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $48.00.

CubeSmart Stock Up 0.4 %

NYSE:CUBE opened at $41.64 on Friday. The company has a market cap of $9.49 billion, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. CubeSmart has a twelve month low of $39.80 and a twelve 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. The stock has a fifty day simple moving average of $41.87 and a 200-day simple moving average of $45.90.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping the consensus estimate of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. Analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.00%. CubeSmart’s payout ratio is 120.93%.

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.