Prudential Financial Inc. Purchases 546,387 Shares of CubeSmart (NYSE:CUBE)

Prudential Financial Inc. boosted its holdings in CubeSmart (NYSE:CUBE) by 380.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 689,886 shares of the real estate investment trust’s stock after acquiring an additional 546,387 shares during the quarter. Prudential Financial Inc. owned 0.31% of CubeSmart worth $29,562,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CUBE. Vanguard Group Inc. lifted its holdings in shares of CubeSmart by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock valued at $1,350,080,000 after purchasing an additional 85,609 shares in the last quarter. Geode Capital Management LLC lifted its stake in CubeSmart by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after acquiring an additional 50,340 shares during the period. Cbre Investment Management Listed Real Assets LLC boosted its holdings in shares of CubeSmart by 6.0% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock valued at $144,320,000 after acquiring an additional 191,862 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of CubeSmart by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,124,707 shares of the real estate investment trust’s stock worth $133,894,000 after acquiring an additional 91,822 shares during the period. Finally, Duff & Phelps Investment Management Co. raised its holdings in shares of CubeSmart by 2.0% during the third quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock valued at $118,487,000 after purchasing an additional 42,994 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Trading Down 1.5 %

Shares of CubeSmart stock opened at $41.11 on Wednesday. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The company has a market capitalization of $9.37 billion, a P/E ratio of 23.23, a P/E/G ratio of 11.58 and a beta of 0.88. The company has a fifty day moving average of $41.85 and a 200 day moving average of $45.96.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. The firm had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. On average, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.06%. CubeSmart’s payout ratio is 120.93%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CUBE shares. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and cut their target price for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Wells Fargo & Company reduced their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Royal Bank of Canada dropped their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. 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. Finally, KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $48.00.

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.