Hudson Bay Capital Management LP Buys Shares of 1,068,965 CubeSmart (NYSE:CUBE)

Hudson Bay Capital Management LP purchased a new position in shares of CubeSmart (NYSE:CUBE) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,068,965 shares of the real estate investment trust’s stock, valued at approximately $45,805,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC increased its stake in CubeSmart by 54.0% during the third quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust’s stock worth $17,793,000 after acquiring an additional 115,904 shares during the last quarter. Franklin Resources Inc. increased its position in shares of CubeSmart by 13.1% during 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 last quarter. Harbor Capital Advisors Inc. raised its holdings in CubeSmart by 1.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 33,491 shares of the real estate investment trust’s stock valued at $1,435,000 after buying an additional 478 shares during the period. Pallas Capital Advisors LLC lifted its position in CubeSmart by 0.9% in the fourth quarter. Pallas Capital Advisors LLC now owns 39,107 shares of the real estate investment trust’s stock valued at $1,676,000 after buying an additional 361 shares during the last quarter. Finally, Oak Thistle LLC boosted its stake in CubeSmart by 232.9% during the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock worth $1,383,000 after buying an additional 22,582 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CUBE shares. Mizuho started coverage on shares of CubeSmart in a report on Wednesday, April 9th. They issued a “neutral” rating and a $39.00 price objective on the stock. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Barclays cut their price objective on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Finally, KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus price target of $46.85.

CubeSmart Trading Up 0.5 %

NYSE CUBE opened at $42.68 on Friday. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The firm has a 50 day moving average of $40.58 and a two-hundred day moving average of $43.13. The stock has a market capitalization of $9.73 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. The firm had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. CubeSmart’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 earnings per share. As a group, research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.87%. The ex-dividend date was Tuesday, April 1st. CubeSmart’s payout ratio is 123.08%.

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.