Swiss National Bank Has $18.98 Million Stake in CubeSmart (NYSE:CUBE)

Swiss National Bank lifted its stake in shares of CubeSmart (NYSE:CUBE) by 0.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 442,900 shares of the real estate investment trust’s stock after buying an additional 3,700 shares during the period. Swiss National Bank’s holdings in CubeSmart were worth $18,978,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Sequoia Financial Advisors LLC grew its position in shares of CubeSmart by 7.2% during the 4th quarter. Sequoia Financial Advisors LLC now owns 28,920 shares of the real estate investment trust’s stock worth $1,239,000 after buying an additional 1,949 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of CubeSmart by 34.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 168,881 shares of the real estate investment trust’s stock worth $7,237,000 after buying an additional 42,871 shares during the period. AlphaQuest LLC acquired a new stake in shares of CubeSmart during the 4th quarter worth approximately $1,616,000. Carmel Capital Partners LLC grew its position in shares of CubeSmart by 4.5% during the 4th quarter. Carmel Capital Partners LLC now owns 10,044 shares of the real estate investment trust’s stock worth $430,000 after buying an additional 433 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of CubeSmart during the 4th quarter worth approximately $21,278,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CUBE. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Royal Bank of Canada reduced their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Wells Fargo & Company reduced their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. 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. Finally, Barclays reduced their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $48.00.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $42.28 on Wednesday. The stock has a market cap of $9.63 billion, a PE ratio of 23.88, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. CubeSmart has a 1-year low of $39.80 and a 1-year 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’s fifty day simple moving average is $41.75 and its two-hundred day simple moving average is $46.31.

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

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s payout ratio is 120.93%.

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.