Greenland Capital Management LP Buys 1,975 Shares of CubeSmart (NYSE:CUBE)

Greenland Capital Management LP increased its stake in CubeSmart (NYSE:CUBE) by 7.6% in the fourth quarter, HoldingsChannel reports. The fund owned 27,975 shares of the real estate investment trust’s stock after purchasing an additional 1,975 shares during the period. Greenland Capital Management LP’s holdings in CubeSmart were worth $1,199,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CUBE. Norges Bank purchased a new stake in shares of CubeSmart during the fourth quarter valued at approximately $408,064,000. Prudential Financial Inc. raised its holdings in CubeSmart by 380.8% during the 4th quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust’s stock valued at $29,562,000 after buying an additional 546,387 shares during the last quarter. Raymond James Financial Inc. bought a new stake in CubeSmart during the 4th quarter valued at $21,278,000. SG Americas Securities LLC boosted its position in CubeSmart by 10,685.4% during the 4th quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock valued at $20,936,000 after buying an additional 484,049 shares during the period. Finally, Centersquare Investment Management LLC grew its holdings in CubeSmart by 31.9% in the 4th quarter. Centersquare Investment Management LLC now owns 1,910,373 shares of the real estate investment trust’s stock worth $81,859,000 after acquiring an additional 462,373 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Trading Down 5.3 %

Shares of NYSE CUBE opened at $37.45 on Tuesday. The firm’s 50 day moving average price is $41.80 and its 200-day moving average price is $45.16. CubeSmart has a 52-week low of $37.11 and a 52-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 cap of $8.53 billion, a PE ratio of 21.16, a P/E/G ratio of 11.58 and a beta of 0.85.

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

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.55%. CubeSmart’s dividend payout ratio is presently 120.93%.

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of analyst reports. Barclays dropped their target price on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and decreased their target price for the company from $50.00 to $47.00 in a report on Friday, January 17th. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Royal Bank of Canada dropped their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Finally, KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Eight equities research analysts have rated the stock with a hold rating and four have given 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.

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.