Allstate Corp Buys 4,743 Shares of CubeSmart (NYSE:CUBE)

Allstate Corp lifted its stake in shares of CubeSmart (NYSE:CUBE) by 58.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,841 shares of the real estate investment trust’s stock after acquiring an additional 4,743 shares during the quarter. Allstate Corp’s holdings in CubeSmart were worth $550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CUBE. Raymond James Financial Inc. acquired a new stake in CubeSmart during the 4th quarter worth about $21,278,000. Oak Thistle LLC increased its holdings in CubeSmart by 232.9% in the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock worth $1,383,000 after purchasing an additional 22,582 shares in the last quarter. Entropy Technologies LP acquired a new position in CubeSmart in the fourth quarter valued at approximately $445,000. BNP Paribas Financial Markets boosted its holdings in shares of CubeSmart by 32.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock worth $8,531,000 after buying an additional 39,270 shares in the last quarter. Finally, Franklin Resources Inc. grew 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 buying an additional 36,919 shares during the period. 97.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CUBE. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and cut their target price for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Royal Bank of Canada decreased their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Barclays cut their price target 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, Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and lowered their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. 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, the company presently has a consensus rating of “Hold” and an average target price of $48.00.

CubeSmart Stock Performance

Shares of CUBE stock opened at $42.02 on Wednesday. CubeSmart has a one year low of $39.80 and a one year high of $55.14. The firm has a 50-day moving average of $41.92 and a 200-day moving average of $45.56. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company has a market cap of $9.57 billion, a P/E ratio of 23.74, a P/E/G ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.23. The company 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%. Equities research 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 4.95%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s payout ratio is 120.93%.

CubeSmart 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.