CubeSmart (NYSE:CUBE) Shares Bought by Treasurer of the State of North Carolina

Treasurer of the State of North Carolina increased its stake in CubeSmart (NYSE:CUBE) by 0.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 98,376 shares of the real estate investment trust’s stock after buying an additional 610 shares during the quarter. Treasurer of the State of North Carolina’s holdings in CubeSmart were worth $4,215,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Howard Capital Management Group LLC acquired a new stake in CubeSmart in the third quarter valued at approximately $212,000. MML Investors Services LLC increased its stake in CubeSmart by 6.3% during the 3rd quarter. MML Investors Services LLC now owns 23,618 shares of the real estate investment trust’s stock worth $1,271,000 after buying an additional 1,398 shares during the period. Barclays PLC lifted its holdings in CubeSmart by 54.0% in the 3rd quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust’s stock worth $17,793,000 after buying an additional 115,904 shares in the last quarter. Virtu Financial LLC purchased a new position in CubeSmart in the 3rd quarter valued at about $566,000. Finally, Anchor Investment Management LLC acquired a new stake in shares of CubeSmart during the third quarter valued at about $79,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CUBE. Barclays cut their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and dropped their price target for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Mizuho initiated coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They set a “neutral” rating and a $39.00 price objective on the stock. Finally, Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $47.31.

CubeSmart Price Performance

CUBE opened at $38.54 on Wednesday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The company’s 50-day moving average price is $41.10 and its 200 day moving average price is $44.38. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 21.77, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 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%. As a group, sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.40%. The ex-dividend date was Tuesday, April 1st. 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.